Hopes fade of full bank cash recovery

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HOPES have faded that East Lindsey District Council will recoup the full £4-million it had invested in the Icelandic banks that collapsed in October 2008.

So far, it has recovered £1.98 million, leaving more than £2 million outstanding.

According to the latest update from administrators, the total amount that will finally be realised is likely to be £3.66 million though it could be as low as £3.27 million.

However, the Icelandic trouble will also have hit ELDC - along with many other local authorities - to the tune of lost interest, legal fees and the cost of currency exchange movements.