Council recovers money from Icelandic bank

MORE of the money lost by East Lindsey District Council when Icelandic banks collapsed in 2008 has been recovered.

The council had invested £4 million in the banks.

Now it has received £830,000 from Icelandic bank Glitnir.

Coun John Upsall, Portfolio Holder for Finance, said: “We are absolutely delighted that we have recovered £830,000 of local taxpayers’ money from Glitnir. The payment brings the total amount we have recovered from Iceland’s failed banks to £2.8m with more to come.

“Despite our success we are very conscious that the job isn’t finished. The Local Government Association and member councils will continue to work with the various winding up boards to expedite remaining payments.”