News from Iceland!
At the end of last week Cambridge City Council heard that a ruling by the Icelandic Supreme Court means that the majority of its total deposits in a collapsed Icelandic bank are likely to be returned. It’s taken three years so is a real victory now and 95% of the City’s deposit with the bank could be returned.
Cambridge City Council held £5 million with Landsbanki Islands HF and £4 million with Heritable Bank and was one of 145 local authorities, including police and fire authorities, that made deposits in Icelandic banks when they were deemed to have good credit ratings. Money has been coming back from Heritable bank in instalments for some time.
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