Icelandic bank payment for East Lindsey District Council

EAST Lindsey District Council has received a further payment on an investment that was frozen during the Icelandic Bank collapse in 2007.

The latest payment, from the Administrators of Heritable Bank, is for £60,896, which includes £57,000 back on the original investment (£2m) and £3,896 in interest.

The council has now received a total of £3.191m on its £4m investments, which also included investments in Glitnir (£1m) and Kaupthing Singer and Friedlander (£1m).

Portfolio Holder for Finance, Councillor John Upsall, said: “This is another step in the right direction and we will continue to work hard to try and secure the return of every penny that we invested in good faith.”