“I am very happy with the way matters have developed until now regarding the retrieval of our Icelandic deposits. This is a completely different process than some people assumed in 2008 and early in 2009, when it was stated that the money we had in Iceland was lost forever,” says Stephen Robinson, councilor for South Ribble in Lancashire, England, in an interview with the Evening Post.
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Landsbanki. Photo, Copyright by the Icelandic Photo Agency.
According to the Evening Post, South Ribble had GBP 5 million in Landsbanki and Heritable-bank, which belonged to Landsbanki. About half of the money has now been retrieved. Thereof, GBP 1 million was recently retrieved, following the Icelandic Supreme Court’s confirmation of the validity of the emergency law which was established following the banking collapse. This ruling confirmed that deposits remain preferential claims for the bankrupt estates of the Icelandic banks.
Of the GBP 2 million that the town council had in Heritable-bank, GBP 1.4 million has now been retrieved, mbl.is reports.