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East Lindsey District Council receive further money back on Icelandic investments

A further payment of £58,000 has been received by East Lindsey District Council from administrators of Heritable Bank.

In total the council has now received back £3,281,000 of its original £4,000,000 investment in three Icelandic banks that went into administration in 2008.

The council was one of more than 50 local authorities across the country affected by the collapse.

Portfolio Holder for Finance at the Council, Councillor John Upsall, said: “Like other councils across thecountry, we make our investments with the best intentions, taking into account the best financial advice at that time.

“The announcement of another payment is a step forward and 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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