Fight for Iceland money

IT is proving an uphill struggle for East Lindsey District Council to claw back money put at risk by the collapse of Icelandic banks almost three years ago.

Of £4 million invested, a total of £2.47 million is still outstanding.

Despite the slow progress, a report to councillors predicts that as much as £3.56 million will eventually be recovered, assuming decisions made by the Icelandic Supreme Court are favourable to ELDC.

Fighting the corner for the Manby based authority - and other councils in a similar position - is a law firm hired by the Local Government Association.