Council regains millions invested in Iceland banks

Dick Tonge outlines the council's positive financial situation

Dick Tonge outlines the council's positive financial situation

First published in News

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.”

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