Ceredigion Council is hopeful of recouping most of its money invested in Icelandic banks before a financial crash five years ago.
Gwyn Jones, finance director for Ceredigion council told members it was hoped 100% of funds would be recovered from two of the banks in question, and 88% from another.
The global financial crisis of 2008 saw Iceland's three major banks going under, taking with them nearly £1billion of investments from authorities across the UK.
Ceredigion council invested £5.5million in total in Glitnir, Heritable and Landsbanki.
Mr Jones stated he will continue to report updates to Cabinet when more information becomes available.