Kirklees recoups Icelandic bank cash

Kirklees Council has clawed back the vast majority of the cash it lost during the Icelandic banking crash.

By The Newsroom
Wednesday, 5th February 2014, 12:33 pm
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The authority had almost £1m tied up in Landsbanki – now known as LBI – when the back collapsed in 2008. Just over 96 per cent of the £961,234 has now been recouped after Kirklees sold its claim against the insolvent estate of LBI.

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Kirklees Council leader Mehboob Khan said: “We are obviously delighted that we have recovered a very large portion of the deposit. The sale of our claim represents a clean break. Kirklees Council is no longer a creditor of LBI.”

Deputy leader David Sheard said: “Considering how much we thought we might get back, 97 per cent is a fantastic results. We can now draw a line under that episode.”