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.