A council has now recovered almost £2.9million from an Icelandic bank.

In January Braintree Council, together with more than 80 other local authorities from across the country, sold its claims against Landsbanki.

The claims were sold through a competitive auction process based on a reserve price set by the council and has seen £2.869million of the £3million it deposited recovered.

The council has also recovered £833,500 if £1miilion from Kaupthing Singer and Friedlanderf, and £836,500 of a £1million deposit from Glitnir.