However, that money has not been ring fenced, and local authorities can choose to spend it on other priorities.
We need a guarantee from the Minister that the extra cash already promised and any future funding will be ring fenced to that it goes directly into front line social care.
Stephen Hester, chief executive at Royal Bank of Scotland(LON: RBS), has said that forcing ring fencing leads people to believe that in case of a crisis, the ring fenced
banks would somehow always be bailed out, according to a Reuters report.
According to restructuring documents obtained by press in July, Dubai World said it is prepared to sell prized assets including previously ring fenced
ports firm DP World in a bid to raise as much as $19.4 billion to repay creditors.
Lump sums had been given to councils and "ring fenced
", leaving local authorities no choice other than to hand over the money.
Any losses on the ring fenced
activities would not be allowed to be offset against profits on the non-ring fenced activities.
The ring fencing recommendation is based on a combination of the UK Vickers Commission's suggestion that the banks' retail activities should be ring fenced
, and the Volcker's rule to limit proprietary trading.
A PLEA for ring fenced
cash to breathe new life into the struggling seaside towns of North Wales has been rejected by a government minister.
Volcker, who created the now famous Volcker rule, has said that taxpayers would not be protected in the event of another financial crisis if banks were ring fenced