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Email: ernie.clark@wiltshire.gov.ukMobile: 0794 120 1995
News articles from around the Division:
Wednesday January 12, 2011
WC likely to write-off £2.4million
Icelandic banks unlikely to fully pay-back funds.
The KPMG annual audit letter indicates the likely loss that WC will make on its Icelandic bank deposits.The report states 'The Council continues to have a significant amount of money placed with two banks that were affected by the Icelandic bank crisis. The total amount invested originally was £12m. The council has already received interim repayments of £3.1m from one of the banks and it envisages receiving further instalments in line with that institution's repayment plan.Overall, it is currently anticipated that all but £2.4m of the original £12m will be recovered.'