Iceland deposits

In October 2008 Kent County Council, the Kent County Council Superannuation Fund and Kent Fire had £50m 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.

What has happened since

At the time we made it clear that these banks had extensive assets and that we would get most of our money back. This is exactly what has happened and we have worked with the banks to ensure that they get the best price for the assets which they own predominantly in the UK, Europe and North America.

The main issue was to get back as much money as possible and given the global recession we have had to give the banks time to sell their assets for the best price possible.

To date we have received back £38m consisting of:

Heritable - dividends received are equal to 77p in each pound or £14.2 million. The forecast recovery is 100%
Landsbanki - 3 dividends totalling £8.1 million. The forecast recovery is 100%
Glitnir - paid in full in March 2012

The money continues to come back in and we should get back the full £50m.