Braintree district: Council recovers millions from collapsed Icelandic banks (From Halstead Gazette)
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Braintree district: Council recovers millions from collapsed Icelandic banks
2:00pm Monday 14th October 2013 in News
A council is on course to recover millions of pounds which it had invested in troubled Icelandic banks.
Braintree Council had about £5million tied up in three banks which collapsed during the financial crisis of 2010.
It had initially been anticipated that the council would lose about £1.6million of the investment, but it is now hoped the majority of the sum will be returned.
David Bebb, cabinet member for performance and efficiency, said: “We are working with the Local Government Association who have been representing us and they have been fairly successful.
“It is always moving but we should get back the majority of it.”
The council has already received half of the £3million it is owned by Landsbanki and is on course to receive the remainder by 2017.
It is also owed two other £1million sums, one which has been paid in full, and another where the council will receive 86 pence in the pound back.
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