BusinessBusiness RecoveryCouncils confident in recovering Icelandic deposits

Councils confident in recovering Icelandic deposits

Creditors of Heritable Bank will recoup up to 80% of funds

Councils that have invested up to £1bn in Icelandic banks have a reasonable
chance of recovering their deposits.

Creditors of Heritable Bank, the UK arm of Landsbanki will recover up to 80%
of funds, or £300m, the Financial
Times
reported.

The Conservatives, however, are not pleased with the result, saying that this
was simply putting a positive spin on a situation where £220m of taxpayers’
money has been wiped out.

Conservatives in local government claim that this loss will have to be
recouped in the form of higher council tax and diminished investment in
frontline services.

Further reading:

Baugur
goes into administration

Icelandic
bank to sue government over administration

E
&Y takes over Heritable’s loan book

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