Council regains more cash from Icelandic bank

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 received back £3,223,185 of it’s 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 councils across the country, we make our investments properly and with the best intentions.

“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.”