Icelandic bank pays back a further £58k to East Lindsey District Council
THE Icelandic bank that put millions of pounds of East Lindsey taxpayer’s money at risk have paid back a further £58,000.
Administrators of Heritable Bank made the payment to East Lindsey District Council this week, bringing the total owed to £719,000 – down from £4million.
The council invested the money in the Heritable, Kaupthing Singer and Friedlander but they went into administration in 2008.
However, the authority has had to incur substantial legal and administrative costs to get its money back.
The portfolio holder for finance at the council, John Upsall, said: “he announcement of another payment is a step forward and we will continue to work closely with the Local Government Association to ensure we fight as hard as possible for every penny to be returned to this district.”
A report on the latest situation on the Icelandic banks cash for North East Lincolnshire Council will be discussed at an Audit Committee on January 31, before a Cabinet meeting on February 18