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.”