Money deposited in Icelandic Banks
In October 2008 Kent County Council, the Kent County Council Superannuation Fund and Kent Fire and Rescue Service had £50 million deposited in 3 Icelandic banks. We were one of many hundreds of organisations in the UK and the Netherlands who were affected by the global banking crisis which led to the collapse of Icelandic banks.
We can now confirm that we have recovered all of the £50m that was deposited in Icelandic banks in 2008 with interest. The total recovery is now £51.3m and the final total should be around £52m.
As we made clear at the time, the banks had very substantial assets and we have played a long game to maximize the recoveries. This results in KCC being the only council to make a 100% recovery out of the 125 Councils who had deposits in Icelandic banks.
We have a treasury strategy that is agreed each year, and is part of our medium term financial plan.
Our funds are mainly deposited with strongly rated banks and in highly secure financial instruments.