Icelandic bank Glitnir pays Reigate council £5.4m

A Surrey council has been repaid £5.4m by the Icelandic bank Glitnir after the banking collapse in 2008.

Reigate council has now received nearly £8.3m of its original investment in two Icelandic banks.

The council had £6.5m at Glitnir and £9m at Llandsbanki when the Icelandic banks failed. Llandsbanki has already paid back £2.9m.

Councillor Joan Spiers said the council expected the remaining £7.2m to be returned over the next few years.

She said: "This is great news for our taxpayers.

"Our joint action with the Local Government Association (LGA) and other local authorities has paid off and we have been able to recover a significant amount of the money we held in Glitnir bank at the time of its collapse.

"Despite this success we are conscious that the job isn't finished and we will continue to work with the LGA to get back our outstanding funds."

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