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Icelandic bank collapse: council vows to fight on

A council which lost four million pounds with the collapse of three Icelandic Banks five years ago has clawed back a further fifty eight thousand pounds. East Lindsey District Council was one of more than 50 local authorities affected when the banks went into administration.

It has now received a total of 3.2 million pounds back and says it will continue to fight hard for every penny to be returned to the district.

Council gets cash back from Icelandic investment

A further payment of £31,500 has been received by East Lindsey District Council, from Administrators of the Icelandic Bank Kaupthing Singer and Friedlander. In total the Council has now got back £3,223,185 of it’s original £4m investment in three Icelandic Banks that went into Administration.

The Council was one of more than 50 Local Authorities across the country affected by the collapse in 2008.

Portfolio Holder for Finance at the Council, Councillor John Upsall, said: “ We will continue to work closely with the Local Government Association to ensure we fight as hard as possible for every penny to be returned to this District.”

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Council gets more money back from Icelandic bank collapse

East Lindsey Council in Lincolnshire has received a further payment from an investment that was frozen during the Icelandic bank collapse of 2007.

The latest payment from the administrators of Heritable Bank is for £60,896 and represents £57,000 of the original investment plus interest. The district council has now received a total of £3.19m of its £4m investments.

This is another step in the right direction and we will continue to work hard to try and secure the return of every penny that we invested in good faith.

– Portfolio Holder for Finance, Councillor John Upsall