Council receives further payment on Icelandic investment

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East Lindsey District Council has received another repayment on the investments it made in Iceland and the Authority is continuing to work hard to ensure the safe return of the public money that is still outstanding.

£105,263.12 was paid into the Council's back account on Friday, December 11, 2009, by the Administrators of Kaupthing Singer and Friedlander. This was £100,000 repayment on the £1m loan and a further £5,263.12 in interest on the investment.

In July, the Council received repayments of £210,526.25 on the same investment from Kaupthing Singer and Friedlander and £344,489.19 on the £2m loan with Heritable.

The Council also has £1m invested with Giltnir.

In October 2008, public sector organisations across the UK discovered that a number of Icelandic Banks and banks with Icelandic parents had gone into administration, putting £900m of public money at risk.

Portfolio Holder for Finance at the Council, Councillor Colin Davie, said: 'We made these investments in good faith, as did many others, and we will continue to do everything we can to ensure we get every penny back.'

All investments made by East Lindsey District Council were in line with national and local guidance and an independent review by the Audit Commission has confirmed this.