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Flintshire County Council to wait until February for Landbankski investment update

Dec 13 2010 by Mark Dowling, Flintshire Chronicle

FLINTSHIRE County Council must wait until February to see how much it can recoup of the £3.7m it lost following the collapse of Icelandic bank Landbanksi in October 2008.

Councillors at a County Hall meeting last week heard an update from chief executive Colin Everett over the situation regarding the authority’s investments in the bank.

The three short-term investments of £1.2m, £1.5m and £1m were made a couple of months before the company went into receivership.

Mr Everett said: “The first opportunity will be during February 1-9, 2011, where we will be trying to get a review of whether we can get our money back.”

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