Money - Photo Warren H
It has been reported on the BBC this morning that there may be light at the end of the tunnel for Tamworth Borough Council who invested money in Iceland. Reports for one bank are saying that administrators are hopeful that the creditors will receive 80% of the money thought to be lost in the failed Heritable Bank, the UK arm of Landsbanki.
This news has led to the belief that there may be light at the end of the tunnel, and the local authority may be able to reclaim most of the £7.5million pounds invested in Icelandic institutions.
The Icelandic banks have been effected by the global downturn with Lansbanki and Glitnir being nationalised early October 2008, putting their UK operations into administration and subsequently leaving a question mark over a total of £1billion of investments made by government authorities.
Tamworth Blog 