The news that local authorities which invested in failed Icelandic bank Heritable can expect to get back up to 80% of their investments means Centro – the organisation responsible for bus, rail and Midland Metro Tram transport in the West Midlands – can expect to recover as much as £3.2M of £4m it invested.
Ernst & Young LLP, administrator for Heritable, Landsbanki’s UK subsidiary, said it expected the first payment this summer. One hundred and twenty-seven UK local authorities invested £950M in the Icelandic banks which went into administration in October, freezing deposits.
‘A report has been issued by the statutory administrator in which it has indicated that money will be paid over the next few years and it estimates that, in total, this will be £3.2M in regards to Centro,’ said the passenger transport authority.
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