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All monies returned to Kent from Icelandic banks

April 13, 2017 9:13 AM
By Alan Bullion

Sevenoaks Lib Dems are happy to confirm that all monies owed to Kentish council taxpayers from Iceland have finally been paid in full, with interest.

In October 2008 Kent County Council (KCC), the Kent County Council Superannuation Fund and Kent Fire and Rescue Service had £50 million deposited in three Icelandic banks.

KCC was one of many hundreds of organisations across the UK and the Netherlands who were affected by the global banking crisis, which led to the collapse of Icelandic banks that year.

We can now confirm that KCC has recovered all of the £50 million that was deposited in Icelandic banks in 2008, with interest. The total recovery is now £51.3m and the final total should be around £52m.

KCC is the only council to make a 100% recovery out of the 125 Councils who had deposits in Icelandic banks.

It has a treasury strategy that is agreed each year, which is part of its medium term financial plan. KCC's funds are mainly deposited with strongly rated banks and in highly secure financial instruments.