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Fight for Ice cash goes on

SOLIHULL Council is still battling to claw back almost £2.5m lost in the Icelandic Bank collapse.

SOLIHULL Council is still battling to claw back almost £2.5m lost in the Icelandic Bank collapse.

The local authority had invested £3m in three institutions, which went bust in 2008.

Since the crash, it has managed to retrieve £530,000, but is still owed almost five times this amount.

A Solihull Council spokesman said that they were still “pursuing” the matter through the Icelandic courts.

The Local Government Association is also helping the council to recover as much money as possible.

Last year, it was suggested that only 30 per cent of the investment would be salvaged.

Over 100 councils had lost money in the crash and have faced an uphill battle to get the money back.

Last Sunday, Icelanders rejected proposals to repay the billions they still owe the UK in a move welcomed by the Icelandic president Olafur Ragnar Grimsson.

Mr Grimsson has publicly said he doesn’t see why ordinary taxpayers should bail out banks which, when in profit pay themselves huge bonuses.

Despite this he has assured creditors in the UK and Netherlands that because of the nature of the Icesave issue, amounts in the region of $7-9 billion would be paid out in the next few months.

 

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