ELDC recoup cash from Icelandic Banks

ALL but £970,000 has now been recovered by East Lindsey District Council from the £4-million put at risk by its investment, in 2008, in unstable Icelandic banks.

The Manby-based authority is hopeful of recovering further monies, plus interest, during 2013.

However, according to a report to councillors, there has been a hitch in recouping one tranche of £191,000 because of currency restrictions regarding the movement of Icelandic Krona.