Braintree District Council repaid more than £3million from collapsed Icelandic banks

Braintree and Witham Times: Council repaid more than £3million from collapsed Icelandic banks Council repaid more than £3million from collapsed Icelandic banks

A council has been repaid more than £3million it was owed after Icelandic banks collapsed during the global financial crisis.

Braintree Council had about £5million of investments tied up in three banks which collapsed in 2010.

But added interest on the debt means the authority could receive more money back than if the banks had not fallen.

Braintree Council has made claims totalling £5.235million against the three banks, including interest, of which £3.319million has been received to date.

Comments (1)

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9:09am Wed 29 Jan 14

R Souls says...

I hope whoever was responsible for making these risky investments is long gone from the council.
I hope whoever was responsible for making these risky investments is long gone from the council. R Souls
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