Dorset County Council recovered 60 per cent of £28m tied up in Icelandic banks (From Bournemouth Echo)
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Dorset County Council recovered 60 per cent of £28m tied up in Icelandic banks
2:50pm Wednesday 6th February 2013 in News
DORSET County Council still expects to recover the vast majority of its assets held in two Icelandic banks.
The council was one of 120 local authorities to have assets tied up in Icelandic banks when the nation's banking system collapsed back in 2008.
The Dorset authority's assets totalled more than £28million.
A report considered by members of the council's cabinet revealed of the £13,279,929.15 it had lodged with the bank Heritage, the council had now claimed back £10,260,456.87 and was hoping to recover up to 90 per cent of the full amount.
Of £15.553m it was claiming from Landsbanki a total of £7.338m had been recovered to date and it was still expected to eventually recoup the full amount.
Chief financial officer Paul Kent said the sums recovered so far amounted to over 60 per cent of the total figure but it did not add to the authority's spending power because these figures had already been budgeted for.