Somerset County Council gets £4m Icelandic bank refund

Somerset County Council has been given back £4.1m from one of the Icelandic banks which collapsed four years ago.

Glitnir has repaid millions of pounds to councils in the UK in the last 24 hours, including the money to the county council.

The local authority had invested a total of £25m with three Icelandic banks when they collapsed in 2008.

Since then, it has recovered £13.5m and has said it expects to eventually get back almost all of its money.

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