Icelandic Bank Collapse Hits Museum Of Science And Industry

By Culture24 Staff | 16 October 2008
Shows a photograph of the modern glass entrance at the Museum Of Science and Industry in Manchester with spherical steel sculptures in the foreground.

£900,000 of MOSI savings have been invested in the Icelandic bank, Kaupthing Singer & Friedlander Ltd. Courtesy Museum of Science & Industry, Manchester.

As councils, businesses, charities and individuals across the UK count the cost of the collapse of the Icelandic banking system, one of our national museums has announced that it too could lose money invested in the beleaguered Icelandic bank, Kaupthing Singer & Friedlander Ltd.

Steve Davies MBE, Director of MOSI (Museum of Science & Industry) in Manchester has revealed that £900,000 of museum savings have been invested in the bank, which was placed in administration last week.

Mr Davies stressed that while the invested money was not part of the museum’s core funds and would not affect current business, it had been earmarked for developing the museum’s education programme, and other potentially important heritage projects.

“The museum’s finances are in good order but this money is an important part of our reserves which we hope to use to develop our popular education programme,” said Mr Davies.

“Many primary school children in the North West visit the Museum on one of their field trips as the museum’s inspiring interpretation of history and science helps to bring the national curriculum to life.”

As well as being one of Manchester’s leading tourism attractions, with over 800,000 visitors last year, 100,189 of the museum’s visitors are school children.

“We’ll be making every effort to secure our investment so we can continue with our educational plans, and look to our friends and natural partners to help us in this endeavour,” added Mr Davies.

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