Council suffers $7m write-down in credit crisis
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The Moree Plains Shire Council has revealed its investments have suffered a $7 million write-down because of the current credit crisis.
It follows news last week that Armidale Dumaresq Council had suffered paper losses of $6 million.
Moree council's general manager, David Aber, says it is considering its legal options.
"Some of the main American banks are in receivership or are in administration at the moment," Mr Aber said.
"We have actually taken joint legal action to actually protect our interests in any distribution of the investment products amongst the banks."
