Caerphilly Council gets £2.9m from failed Icelandic banks
Published in News on Tuesday February 2nd, 2010
Caerphilly County Borough Council has been repaid £2.9 million of the £15 million it lost during the Icelandic banking collapse.
The council invested £5m in Icelandic Landsbanki and £10m in UK subsidiary Heritable before they both collapsed in October 2008.
The local authority expects to be repaid the full amount by July 2013.
Council leader Lindsay Whittle said: “According to the schedule the next repayment could be made in March, but this is based on a proposed schedule that could change.
“Council members will be updated when monies are returned.”
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