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£10m of council's doomed Iceland investments could be recovered (From The Wiltshire Gazette and Herald)
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£10m of council's doomed Iceland investments could be recovered
3:40pm Thursday 16th July 2009
Fears that Wiltshire taxpayers' money could have been lost forever through the collapse of the Icelandic bank Landsbanki last year have been allayed.
Wiltshire Council has been given indications that it could get back most of the money invested with Heritable, a UK subsidiary of Landsbanki, which went into administration last autumn.
The council inherited a total of £12m deposited in Icelandic banks - £8m from the former Wiltshire County Council and £4m from the former North Wiltshire District Council - and feared this money might have been lost for good.
But the bank’s administrators have now said that Wiltshire Council should expect to regain around £10.2m between now and 2013, with the first payment potentially being made by the end of this month.
Wiltshire Council leader Jane Scott said: “This news is really welcome as the council faces increasing financial pressures and demands.
“The recovery of this investment will go some way to help to support our budget allocations and the pressures that we face over the next three years.”
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Your Say YourGazette
Nick Taken, Trowbridge says...
8:24pm Thu 16 Jul 09
moonrakin wurzel wrote:From what I've seen, nothing has been learnt from this whole credit crunch debarcle by the ones who caused it or 'nearly' lost out to it.
So - will Landsbanki be paying any interest on these funds and what's the administrator's cut ? I see nothing about increased levels of accounting rigor and financial discipline being talked about at the council - they're woffling about helping local businesses - surely it makes sense to use pools of local peoples money to help local businesses - can't just leave it to bricabrac shop owners eh?
Oh, we have learned lessons though, reality hitting the public who have had NOTHING to do with them in paragraph one.
And so the cycle begins again.
For the majority, they only hope for green shoots that all these bankers and politicians are now harping on about.
The bankers and politicians who are no longer nervous as they alone saved the world while we pay for it.
Yes, nice to hear £10,000,000 of our money that should have been invested in this county instead of Iceland is safe.
Vox Pop, Trowbridge says...
10:54am Fri 17 Jul 09
blamethebiscuits, trowbridge says...
1:58am Tue 21 Jul 09
£10m of council's doomed Iceland investments could be recovered
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moonrakin wurzel, TROWBRIDGE says...
7:29pm Thu 16 Jul 09
I see nothing about increased levels of accounting rigor and financial discipline being talked about at the council - they're woffling about helping local businesses - surely it makes sense to use pools of local peoples money to help local businesses - can't just leave it to bricabrac shop owners eh?