Thursday, May 08, 2014

Icelandic bank money still blocked

A report to go before the Policy & Resources Cabinet Board today reveals that over £1m of council taxpayers' money is still tied up in Iceland.

The Icelandic Bank scandal broke in October 2008. Labour-dominated Neath Port Talbot council had put at risk £20m, the highest in Wales, and among the highest in the UK. Almost 95% of this has been recovered, thanks largely to efforts by the Local Government Association, but the amount lost in interest is incalculable, though clearly dwarfed by the fees paid to accountancy firms involved in the recovery.

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