England

Thames Valley Police recoup Icelandic bank cash

  • 6 February 2014
  • From the section England

Thames Valley Police has recouped 96% of the money it lost in the Icelandic bank collapse of 2008, according to the police and crime commissioner.

The force sold its claim against the insolvent estate of Landsbanki Islands (LBI) in an auction involving investor institutions, Anthony Stansfield said.

The sale means the force has recovered £4.8m of the £5m it deposited.

Mr Stansfield said he was delighted, adding that it was a "good result" for the force and for residents.

The Local Government Association said local authorities in England and Wales had also recouped the "lion's share" of the £1.05bn lost by councils when Iceland's major banks collapsed.

It said more than 95p per £1 lost would be returned following the auction of claims.

The investor firms will eventually be paid the lost deposits in Icelandic krona, meaning they are gambling on the future value of that currency on the international markets.

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