Local authorities try to claw back lost Icelandic investments

Councils that had money in Icelandic banks have been given indications they will get most of it back.

Banks in Iceland, holding around £800m of local authority money, were taken over by the authorities when the country's financial system collapsed in October. But administrators for Heritable Bank, the UK arm of Landsbanki, have indicated that its creditors could get up to 80 per cent of funds back.

Nottingham City Council and Kent County Council were two of the local authorities hardest hit by the issue, having invested £42m and £50m respectively. Of that, Nottingham City Council invested £15m with Heritable Bank.

Parks experts had raised concerns that the investments crash could lead to a funding squeeze.Nottingham City Council deputy leader Graham Chapman said: "We have always said we will get a substantial amount back. But we have still got a way to go."

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