Nottingham City Council recoups Iceland bank cash

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Nottingham City Council has been paid back almost half of the money it invested in a collapsed Icelandic bank.

Heritable Bank, in which the council had £15.6m when Iceland's banking system collapsed, has recently repaid £650,000, taking the total to over £7m.

A council spokesman said: "It's hoped that most of the rest that's owed will be returned over time.

"Further regular repayments are expected - with a similar amount anticipated this autumn."

Nottingham had invested £42m in Icelandic banks - the second highest amount tied up in Iceland by a UK council.

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