Swindon AdvertiserCouncil regains millions invested in Iceland banks (From Swindon Advertiser)

Get involved! Send photos, video, news & views. Text SWINDON NEWS to 80360 or email us

Council regains millions invested in Iceland banks

Swindon Advertiser: Dick Tonge outlines the council's positive financial situation Dick Tonge outlines the council's positive financial situation

WILTSHIRE Council has published an update on its investment into Icelandic banks and its investment and borrowing policies for 2013/2014.

The Treasury Management Strategy outlines how the council invested and borrowed money during the past year, and indicates that the council complied with its strategy for the period. It also gives an update on repayments received from the former Icelandic banks Heritable and Landbanski.

More than 95 per cent of the £9 million invested with the bank Heritable is expected to be recovered and all of the £3m deposit in Landsbanki.

So far, almost £8.5m has been recovered from the Heritable Bank investment and £1.675m from Landbanski.

Dick Tonge, cabinet member responsible for finance, said: “These reports are important for keeping a check on our finances and I am pleased with the progress we are making. It is also positive that the vast majority of our money invested in the Icelandic banks will be recovered.”

Comments

Comments are closed on this article.

click2find

About cookies

We want you to enjoy your visit to our website. That's why we use cookies to enhance your experience. By staying on our website you agree to our use of cookies. Find out more about the cookies we use.

I agree