Ernie Clark. Hilperton Division, Wiltshire Council.

WC is on track to recover most of the invested funds.
Wiltshire Council has been given indications that they could get back most of the money invested in Icelandic banks.

The council inherited a total of £12m deposited in Icelandic banks (£8m from Wiltshire County Council!) and feared this money might have been lost when the country's financial system collapsed in October last year.

The bank’s administrators have now said that Wiltshire Council should expect to regain around £10.2m between now and 2013 and the first payment could be made by the end of this month.

The latest information that the council will recover most of its investment is good news and council leader, Jane Scott said: “This news is really welcome as the council faces increasing financial pressures and demands. Our key concern is how we continue to provide quality services that really meet the needs of our communities.

“The recovery of this investment will go some way to help to support our budget allocations and the pressures that we face over the next 3 years.”

Of course, if the Conservative controlled County Council had been a little more conservative in their investment decisions, we wouldn't be in this position to start with!