East Lindsey District Council clawing back its £4m in Icelandic investments
IT has been a long process, but East Lindsey District Council has now clawed back most of the £4 million put at risk by its investments with Icelandic banks four years ago.
According to its latest performance report, it has recouped sums of £132,800 from the Heritable Bank and £100,000 from Kaupthing Singer and Friedlander since April this year.
That means, the total balance now owing is £970,000 – and there is a reasonable prospect that most of this will also be recovered.
However, the authority has had to incur substantial legal and administrative costs to get its money back.
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Since the Icelandic banking collapse fiasco, ELDC has adopted a much more cautious approach on its investment policy, with security more important than high interest rates.
A report to councillors states: "High risks still prevail in the financial markets, and changes to credit ratings are monitored daily."
The document adds that any "significant issues" will always be reported to the council's audit committee.