Iceland cash set to be paid back to council (From Tivyside Advertiser)

Iceland cash set to be paid back to council

2:03pm Wednesday 9th November 2011 in News

Most of the £5.5million that Ceredigion County Council had invested in Icelandic banks when they were hit by the crash three years ago will be coming back to the county.

Most of it could be repaid early next year, the authority’s finance director confirmed this week.

Gwyn Jones told members of the authority’s Cabinet that the Supreme Court has now ruled on the matter and local authorities from all over the UK who had money in the banks will be treated as priorities for repayments.

He expects the full amount of £2million the council invested in Glitnir to be repaid early next year; and a similar amount invested in Landsbanki will also be paid back early in 2012.

Some of the funds invested in Iceland have already come back to the county. Most of the balance should be repaid eventually, if not all of it.

“There is the potential that we will get all the money back. This is very good news,” said Mr Jones.