£9million of County Hall cash still trapped in Icelandic banks

PUBLISHED: 15:00 14 April 2013




MILLIONS of pounds of taxpayers’ cash remains trapped in Icelandic banks five years after a financial crisis rocked the Scandinavian nation.

Hertfordshire County Council (HCC) still has £9m invested in the banks, but has recovered £19m of the £28m deposited.

It does not expect the remaining money back until December 2019.

A County Hall spokesman said: “As of the 31st March 2013, Hertfordshire County Council has recovered a total of £19m of the £28m deposited in Icelandic banks.

“The forecast repayment of the remaining £9m is by December 2019.”

The authority called in PriceWaterhouseCoopers to try and secure the money in 2008.

HCC invested £17m in Landsbanki and its UK arm The Heritable, £7m in Glitnir and £4m in Kaupthing.

All four banks were nationalised by the Icelandic Government, amid fears they could collapse.

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