11-year wait for council cash

PUBLISHED: 07:00 09 September 2013

Archant

MILLIONS of pounds of public money invested in a failed Icelandic bank could take another six years to be totally recouped.

North Somerset Council invested £3million in Landsbanki as part of a group of local authorities which made investments abroad.

The bank collapsed in October 2008 and North Somerset has been attempting to get its money back ever since.

The Mercury reported last year how the council had managed to get about half of its money back so far. But it may not be until 2019 that the rest is recovered, according to documents released at the meeting of the council’s executive on Tuesday.

It read: “All decisions relating to the amounts and timings of repayments continue to be made by the resolution committee and the Winding Up Board, and the council’s accounts continues to anticipate full recovery of the investment, with phased repayments being received until December 2019 when it is hoped the matter will finally conclude.”

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