Councils could recover Iceland cash

Administrators for Heritable Bank, the UK arm of Landsbanki which collapsed on 9 October last year, has indicated its creditors could receive 80% of funds back to approximately £300m, according to the BBC. It is estimated about £1bn of public money was deposited in Iceland's banks by various councils. Paul Carter, leader of Kent County Council, says he is "very encouraged" by the news. "They're hoping to make their first payment towards the end of July and August, 70 to 80 pence in the pound they're predicting," he says. Carter believes councils could recoup closer to 90% if markets...