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