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.
– Portfolio Holder for Finance, Councillor John Upsall
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.