Cash frozen in Iceland starts to filter through

October 26, 2009 2:46 PM
Cllr Ian Nimmo-Smith

Ian Nimmo-Smith

Cambridge City Council is expecting by the end of the year to get back more than £1 million of its savings which were frozen when the Iceland banks crashed.

It has already received more than £650,000 and expects to get a further £400,000 by the close of 2009.

The council had £4 million invested with Heritable Bank and a further £5 million with Landsbanki when the crash happened.

The money received so far comes from Heritable Bank. It promised the council earlier in the year that it would receive at least £2.9 million of its total deposit.

Further funds are expected next year when the council also expects to start getting money back from Landsbanki.

"This is good news," said Cambridge City Council leader, Ian Nimmo-Smith. "It shows that confident, patient and persistent work pays off."

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