Stoke & Staffordshire

Icelandic Bank Glitnir pays £2.55m to Tamworth council

A Staffordshire council has been repaid £2.55m following the collapse of Icelandic bank Glitnir in 2008.

Tamworth Borough Council has now received £5.577m of its original £7.5m investment in three Icelandic banks.

The council said it hoped to eventually recover 100% of its investment, including interest payments.

Glitnir has repaid millions of pounds to UK local authorities after a ruling by the Icelandic Supreme Court in November.

Deputy leader of the council Rob Pritchard said: "Despite our success we are very conscious that the job isn't finished.

"The Local Government Association and member councils will continue to work with the various winding up boards to expedite remaining payments.

"When the banks collapsed, we made it clear we would fight to get the money back. I am delighted to see that all the hard work has paid off."

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