Lincolnshire council trying to recover money lost in Icelandic banks
THERE is more good news to report on East Lindsey District Council's efforts to recover the £4-million it invested in Icelandic banks.
Five years ago this month, when the banks collapsed, it was feared that the authority might lose all the money.
But thanks to the work of a specialist law firm representing ELDC and other similarly-stricken local authorities, the money is gradually being recouped.
Since April, a further £389,119 has come back into the coffers at Manby.
Council leader Councillor Doreen Stephenson told a full meeting of the council: "The total payments have now reached £3,670,373.
"Of the original investment, the amount outstanding has now been reduced to £521,200."
Labour group leader Councillor Tony Howard insisted that endeavours should continue to recover the full amount.