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
Where the money is deposited now
The money we have on deposit is with the strongest UK banks and
we have no money deposited with overseas banks.