Wiltshire Council has now recovered half of the money it invested in a collapsed Icelandic bank.
The council, which had invested £3million in Landsbanki when the Icelandic banking system collapsed in 2008, has now received a payment of £180,000 from the winding-up board of the bank. Along with two previous payments, this brings the total received so far to £1.5million.
The council says it expects to eventually receive all its investment back, but the recovery of all the assets and the winding-up proceedings may not be concluded for a few more years.
Jane Scott, leader of the council, said: “I am very pleased the third payment from Landsbanki has been made to the council. We will keep a close eye on the winding-up proceedings and will continue to update the public when we have news.”
• In total, the former Wiltshire County Council and North Wiltshire District Council invested £3million with Landsbanki and £9million with Heritable, a UK subsidiary of Landsbanki. Wiltshire Council has also got £6.7million back from Heritable so far and expects to get back 95 per cent of the £9million.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here