Landsbanki repays a further £51m
0Icelandic bank Landsbanki has paid back a further £51m to UK local authorities. Payments reaching council accounts today take the amount paid back by Icelandic banks to £645m; nearly two thirds of the amount deposited.
Said Sir Merrick Cockell, LGA chairman: “This is excellent news and we are very pleased to have secured this latest payment. Having fought successfully to maintain priority creditor status for our members we are confident they will retrieve almost all of the money originally deposited with the Icelandic banks. We will continue to work with our advisers to ensure that recoveries are maximised and the payments process is as smooth and prompt as possible.”
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The Local Authority Treasurers’ Investment Forum: September 25th, 2012, London Stock Exchange
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