Kirklees recoups Icelandic bank cash

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Kirklees Council has clawed back the vast majority of the cash it lost during the Icelandic banking crash.

The authority had almost £1m tied up in Landsbanki – now known as LBI – when the back collapsed in 2008. Just over 96 per cent of the £961,234 has now been recouped after Kirklees sold its claim against the insolvent estate of LBI.

Kirklees Council leader Mehboob Khan said: “We are obviously delighted that we have recovered a very large portion of the deposit. The sale of our claim represents a clean break. Kirklees Council is no longer a creditor of LBI.”

Deputy leader David Sheard said: “Considering how much we thought we might get back, 97 per cent is a fantastic results. We can now draw a line under that episode.”