Icelandic bank collapse update
PUBLISHED: 13:00 20 October 2010
NEARLY 100 per cent of the cash invested by North Somerset Council into an Icelandic bank will be recovered.
After the major financial crisis in 2008, involving the collapse of all three of Iceland’s major commercial banks, the unitary authority looked set to lose part or all of its £3million investment.
However, new information has now come to light and the council looks set to recover about 95 per cent of the cash.
A spokesman from the council said: “The timings of the repayments is uncertain but the council anticipates phased repayments will be received between October 2011 and October 2018.”