£320,000 loss for SBC from Icelandic bank debt

£320,000 loss for SBC from Icelandic bank debt

Scottish Borders Council has managed to re-coup over 90% of the £5 million pounds originally invested in two Icelandic banks before the market crash.

Scottish Borders Council has settled for 320 thousand pounds of losses, to save the majority of the millions of pounds owed to them by a failed Icelandic bank.

The local authority originally had £5 million invested in two separate banks when the market crashed.

It had managed to recover half of the money already but was not due to be re-paid £2.4 million pounds form Landsbanki until 2018.

SBC recovered 'just over £2 million' via a debt auction.