Council hopes to retrieve 'nearly all' of £7m invested in Icelandic banks (From Darlington and Stockton Times)
Send us your pictures, video, news and views by texting DST to 80360 or email us
Council hopes to retrieve 'nearly all' of £7m invested in Icelandic banks
COUNCIL chiefs hope to claw back “nearly all” of £7m of taxpayers’ money feared lost to the Icelandic banking collapse.
Derwentside District Council invested the cash attracted by the high interest raids paid by banks in Iceland until October 2008, when the island’s economy went into freefall and the country’s main banks failed.
But Durham County Council, which succeeded Derwentside in 2009, is hopeful of reclaiming most of the cash.
Don McLure, Durham’s corporate director of resources, told councillors it would get back “nearly all” of the £7m, which he said was a much better outcome than could have been the case.
Durham County Council only invests in UK banks, he added.
Comments are closed on this article.