Councils to clawback £1bn iceland cash

COUNCILS CLAWBACK ICELANDIC CASHBy Barry Turnbull

Councils that pumped £1bn into the  ill-fated Icelandic banking system will have most of the money returned.
After a three year battle, the Supreme court in Reykjavik has ruled that UK local authorities
have priority status for deposit repayments.
All told 145 local authorities invested in Glitnir, Kaupthing, Landsbanki and its London-based subsidiary Heritable Bank before the 2008 crash led to the group defaulting on more than £50bn of debt.
The banks were nationalised and their assets placed in administration following the collapse.So far, many councils have had over 50% of their cash paid back and can expect total repayments to be between 80 and 90% of their initial investment.
The Icelandic government said the legal decision had drawn a line under the affair and would be a crucial stepping stone towards further recovery.
Iceland will also repay the British and Dutch governments almost £2bn on money spent compensating personal deposits.
When the banks collapsed owing UK councils almost £1bn the then prime minister Gordon Brown had Iceland declared a terrorist state to enable British-based assets to be seized.
Responding to the decision, Sir Merrick Cockell, chairman of the Local Government Association, said: “This is a victory for councils and local residents. Securing priority creditor status means the 145 local authorities with investments in the Icelandic banks are likely to recover  more than £1bn they had on deposit. Losing this case would have been a huge financial blow.
“The outcome is the culmination of more than two years of hard work “.

Transport for London: £40m
• Haringey: £37m
• Norfolk county council: £32.5m
• Metropolitan Police Authority: £30m. I
• Dorset county council: £28.1m
• Barnet: £27.4m
• Somerset county council: £25m
• Northumberland county council: £23m
• Hillingdon: £20m
• Neath Port Talbot county council: £20m
• Westminster: £17m
• North Ayrshire council: £15m
• Brent: £15m
• Caerphilly county borough council: £15m
• Plymouth city council: £13m
• West Sussex county council: £12.9m
• Havering: £12.5m
• Breckland council: £12m
• Cheltenham borough council: £11m
• Lancashire county council: £10m
• Scottish Borders council: £10m
• Wakefield council: £9m
• Cambridge city council: £9m
• Wyre Forest district council in Worcestershire: £9m
• West Oxfordshire district council in Oxfordshire: £9m
• Cheshire county council: £8.5m
r• Bassetlaw district council in north Nottinghamshire: £8m
• Bristol city council: £8m
• Wiltshire county council: £8m
• Daventry district council: £8m
• Wiltshire county council: £8m
• South Lanarkshire: £7.5m
• Derwentside district council: £7m
• Cherwell district council: £6.5m
• Redcar and Cleveland: £6m
• Bolton council: £6m
• Lancaster city council: £6m
• Ceredigion county council: £5.5m
• North Lincolnshire council: £5.5m
• Sutton: £5.5m
• Oxfordshire county council: £5m
• Bromley: £5m
• Braintree district council: £5m
• South Ayrshire: £5m
• Ipswich borough council: £5m
• South Ribble borough council: £5m
• Exeter city council: £5m
• Cornwall county council: £5m
• Gateshead council: £4.5m
• Oxford city council: £4.5m
• Powys county council: £4m
• Colchester borough: £4m in
• East Lindsey district council: £4m
• Gwynedd council: £4m
• Restormel borough council in Cornwall: £4m
• Rotherham borough council: £3.7m
• Flintshire county council, north Wales: £3.7m
• East Ayrshire council: Between £3m and £5m
• Rhondda Cynon Taf county borough council: £3m
• East Staffordshire borough council: £3m•
Solihull metropolitan borough council: £3m
• North Somerset council: £3m•
Doncaster council, in South Yorkshire: £3m
• Stroud district council: £3m
• Peterborough council: £3m
• Nuneaton and Bedworth borough council in Warwickshire: £3m
• South Oxfordshire district council: £2.5m
• North East Lincolnshire council: £2.5m
• Rushmoor borough council in Hampshire: £2m
• Great Yarmouth district council: £2m
• Cotswold district council: £2m
• Gloucester city council: £2m
• Purbeck district council in Dorset: £2m
• Moray council: £2m
• Chorley borough council: £2m
• Wirral council: £2m
• Monmouthshire county council: £1.2m
• Wychavon district council: £1.5m
South Hams district council in Devon: £1.25m
• Vale of White Horse district council: £1m
• Tewkesbury borough council: £1m
• Lewes district council in East Sussex: £1m
• Perth and Kinross council: £1m
• Kirklees council: £1m
• Winchester city council: £1m
• Burnley borough council: £1m

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