Council will get back 94% of Icelandic investments
August 10, 2012
Ninety-four per cent of taxpayers’ money invested in two failed Icelandic banks will be recovered.
Wokingham Borough Council invested £5 million in Heritable and Landsbanki before they collapsed in 2008.
Since then, the authority has been working to recoup its money and will now get back £4,769,000 of its original investment by December 2018.
The confirmed figures in the Treasury Management Report for 2011/2012 were presented to the council’s executive when it met on Thursday, July 26.
Graham Ebers, strategic director of resources, said: “We have a payment schedule so the amount we will receive is a lot more definitive as it was speculation before.
“It is good news for council tax payers.”
The council invested £3 million in Heritable bank and will get back £2,664,000, and of the £2 million put into Landsbanki, the authority will get back £2,105,000 including interest.