North Lincolnshire Council recouping cash after Icelandic banking collapse
North Lincolnshire Council is well on course to reclaim the bulk of the £5.55 million invested in the collapsed Icelandic banks, councillors were told.
More than four years after the demise of the Heritable and Landsbanki banks, the council has recouped £3.58 million.
That represents just over 64.5 per cent of the £5.55 million invested before October 2008.
The authority’s audit committee heard dividends continue to be received from both Heritable and Landsbanki.
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Total recovery is currently estimated at £5.03 million, or 90.6 per cent of the original investment.
Councillor Neil Poole, of Messingham, Cabinet Member for Policy and Resources said: “The council took a number of steps to recover the investments in Icelandic banks and we welcome the funds that are being returned as a result of this.
“After an external audit was carried out into the Icelandic investments it was established that there wasn’t any fault with the council’s Treasury Policy or its implementation.
“The Treasury Management, Investment and Borrowing Strategy will now be put in place for 2013/14.”