A council has recovered nearly all the cash it invested in crisis-hit Icelandic banks.

Braintree Council deposited £5million into three banks, Landsbanki, Glitnir and Kaupthing Singer and Friedlander.

They collapsed during the financial crisis of 2010.

John McKee, deputy cabinet member for performance and efficiency, said: “As one of a number of authorities affected by the Icelandic Bank crisis, we have been working closely with our intermediaries in the UK and Iceland to recover the investment made into the three banks.

“This is an ongoing and long process, and there is still work to do but we have now recovered £4,628,668 from our £5million investment into the three banks, with a further £111,000 still held in an Icelandic account and over £30,000 still expected from Kaupthing Singer and Friedlander bank.”