Ref: PR2248
Date: 18/06/2009

Wakefield Council is confident that it will get around 90% of the money invested in the collapsed Icelandic banks back.

Advice issued by the Chartered Institute of Public Finance and Accountancy (CIPFA) on how to account for the investments confirms the Council’s view that the majority of the £9m will be returned.

The Council has been working jointly with the Local Government Association, the Government and other councils with Icelandic Bank investments to ensure that its position as a creditor of the banks is fully represented and any returns are secured.

Cllr Peter Box, leader of Wakefield Council, said: “It’s great to see some light at the end of the tunnel - throughout this process we have remained confident that the lion’s share of this money would be returned to us.

“We are now continuing our work with the Government to see this through to completion, reclaim the money and see it reinvested in our district where it belongs.”

Joanne Roney, Wakefield Council’s chief executive, added: “Citizens can be confident that we followed strict guidelines when investing in the banks at a time when their credit ratings were highly ranked and there was no suggestion of any risk.

“It is extremely encouraging to see real progress now being made. While no definite timescale has been set, the Council is continuing to work with partners to draw this to a positive conclusion.”

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