Icelandic bank repays Stroud District Council's £2.5m

A council has been paid back £2.5m of the £3m it invested in the collapsed Icelandic bank, Glitnir.

Stroud District Council officials said the remaining cash is safely held in the council's name, pending release in accordance with Icelandic laws.

The payment was negotiated by the Local Government Association, which is trying to recover more than £1bn on behalf of councils across the country.

Councillor Nigel Cooper said he was "delighted" with the recovery.

The cabinet member for finance added that he was "conscious that the job isn't finished" and was working to have the remaining money "returned to us as quickly as possible."

More on this story

Related Internet links

The BBC is not responsible for the content of external Internet sites