CASH invested in the collapsed Icelandic banks has begun to find its way back to Wiltshire Council.
Local authorities across the UK faced the prospect of loosing massive sums of taxpayer’s money after three of Iceland’s largest banks collapsed in 2008 in the wake of the global financial crisis.
Wiltshire Council was one of more than 100 UK local authorities with significant amounts of cash invested in the banks, and has been involved in a long battle to retrieve the £15million it faced losing.
A spokesman from Wiltshire Council said the money had begun to be paid back in instalments, and the authority had so far received more than £6million of the £9million it had invested in the Hertiable bank.
The council has also received £950,000 of the £6million it had invested in Landsbanki.
In total, the council is expecting to retrieve 95 per cent of the funds it had invested in Heritable, and 98 per cent of what was invested in Landsbanki.
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