: Waiting for next track...

Wessex FM News

Contact the News Team:
Tel: 01305 250333

Dorset Recovers Money Lost in Financial Crisis


8:06am 5th February 2014

Dorset County Council's recovered just over 94 per cent of the money it originally deposited in Iceland with Landsbanki.

He council reportedly had just over 28 million pounds of public money tied up in the Icelandic bank.

It's now got most of its money back by selling its claims against the insolvent estate through a competitive auction process.

The money was paid in pounds sterling and funds have already been received.

Cllr Robert Gould, Cabinet member for corporate resources, said:

"The sale means that we have recovered 94.5 per cent of the amounts that were originally deposited with LBI in 2008.

"We are obviously delighted that we have recovered a very large portion of our LBI deposits. The sale of our claims represents a clean break. Dorset County Council is therefore now no longer a creditor of LBI."

The administration of the insolvent estate may continue for a number of years. By selling the claim the county council has removed this uncertainty and this has allowed the local authority to put the money received from the sale to use supporting vital public services.

Dorset County Council is also continuing to receive payments from the administrators of Heritable bank.

Sign up for the latest local news direct to your inbox

Share This Story

Submit this page to redditDelicious

The Bun Run

Request the cakes for your workplace!

Book Your Table

For sales in January and March

Free Fuel Friday

Find out how to get your car sticker

Dorset Webcams

Take a look around our beautiful county

Book our Disco

Have DJ Owen at your party or celebration!

Meeting Room Hire

Come to Wessex FM for your meeting or conference


We Use Cookies

This website uses cookies to store information on your computer.

By using this website you accept the use of cookies as explained in the terms of our cookie policy.