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Cancer Research hit by collapse of Icelandic banks

14th October 2008

One of the UK's leading cancer treatment centres, which invested £7.5 million in the failed Icelandic banking system, yesterday said future cancer research could be jeopardised if it does not get its money back.

The Christie NHS Foundation Trust in Manchester, invested the money - £6.5 million of which was made up of charity donations - with Icelandic bank Kaupthing Singer & Friedlander (KSF) in May and July 2008.

The hospital said the bank, regulated by the Financial Services Authority, was chosen because of its high credit rating and favourable interest rates. Dr Chris Harrison, medical director of the Christie, said: "The things we are concerned about are future developments into research. The hospital is continuing to run, patients are continuing to be treated and new developments such as the radiotherapy will continue.

"What we are concerned about is moving on to the next step and later research, perhaps with the University of Manchester.

"It is possible that if we do not get the money back we won't be able to carry out the research that will lead to drug development for the future."

But hospital officials insisted short term development at the trust would be unaffected by the investment.

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