by Amanda Taylor on 28 October, 2011
|The news is just in and it is good news: the Icelandic Supreme has today ruled that British councils’ deposits in Landsbanki HF have priority status over other creditors. This means that most of Cambridge City Council’s outstanding deposits should be returned.
Cambridge had £9 million invested with Landbanki Islands HF and Heritable Bank, one of 145 councils to have investments in Icelandic banks, all dating from the time when these banks had good credit ratings.
We have been waiting three years to hear what is happening to our money since the collapse of the Icelandic banking system, but we are delighted with this ruling.