Council recovers over £4million from Icelandic Bank crash

At last there’s some good news for Powys County Council with over £4million back in the coffers.

The council has been successful in recovering the money it invested in Icelandic banks prior to them going under in 2008.

The council had invested £4m in two separate banks - £2m each in Glitnir and Landsbanki and was one of eight councils, three universities and three former police authorities to have invested almost £75m of public money.

Powys County Council said the process has been a "long and complicated issue."

Of the £4m it invested, it recovered £4,077,799, which includes interest payments and legal costs.