Districy Council receives cash back from its Icelandic investments

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By MarieW | Wednesday, January 23, 2013, 10:36

EAST Lindsey District Council had received more money back on its Icelandic investments.

A payment of £58,000 has been received by the council from the administrators of Heritable Bank.

In total the council has now received back £3,281,000 from its original £4,000,000 investment in three Icelandic Banks that went into Administration in 2008.

ELDC was one of more than 50 local authorities across the country affected by the collapse.

Portfolio holder for finance, Councillor John Upsall, said: "Like other councils across the country, we make our investments with the best intentions, taking into account the best financial advice at that time.

"The announcement of another payment is a step forward and we will continue to work closely with the Local Government Association to ensure we fight as hard as possible for every penny to be returned to this district."

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