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In 2008 Havering Council invested £6m in Landsbanki bank and £6.5 in Heritable bank. So far the Authority has recovered £4.2m from the administrators of Heritable (64.6%), but the status of Landsbanki creditors was unclear. However a recent ruling by the Supreme Court of Iceland gave councils ‘preferred creditor' status which now means that Havering and other councils should get about 95% of their deposits back. Leader of the Opposition, Cllr Clarence Barrett, said: ”It is obviously good news that , some three years on, we are now likely to recover most of this money. Despite what ‘advisors' say, all that glitters is not necessarily gold and there are lessons to be learnt from investing in sinking ships. However, as a result of this I am very pleased that Havering Council has tightened up its investment protocols.” 3.11.11 |
