Arab Today, arab today failed icelandic bank glitnir to repay uk councils
Last Updated : GMT 05:41:20
Arab Today, arab today
Arab Today, arab today

Failed Icelandic bank Glitnir to repay UK councils

Arab Today, arab today

Arab Today, arab today Failed Icelandic bank Glitnir to repay UK councils

London - Arabstoday

More than 50 local councils lost £186m when Glitnir failed, and universities and charities also lost money. Glitnir will transfer a total of 635m euros ($829m; £527m), divided among the organisations affected. Glitnir is the first Icelandic bank to pay creditors in full. Kent County Council was one of the biggest UK creditors, with £15m on deposit. Among the other authorities that had large sums on deposit were City of Nottingham Unitary Authority (£11m), Gloucestershire County Council (£8.9m) and Surrey County Council (£9.3m), according to figures from Department of Communities and Local Government. Officials in Nottingham said they received £9.2m on Thursday. However, the extra money will not make any difference to services as it is money kept in reserve, a spokesperson said. Wholesale creditors, such as the local authorities, won a court ruling last April which designated them \"priority creditors\", which meant they had to be paid back in full. Under the deal, 18% of the repayments will be made in Icelandic krona. That money will be held in a third party account in Iceland until it is cleared by the Icelandic central bank. The Local Government Association, which helped negotiate the deal, said: \"We are absolutely delighted that we have been able to help our members recover all of the £180m of council taxpayers\' money from Glitnir. \"Today\'s payment brings the total amount recovered from Iceland\'s failed banks to nearly £560m, with more to come.\" UK organisations also had money on deposit at Landsbanki and Heritable banks which have paid back some of the funds owed. The UK government refunded individual investors in Icelandic banks and have been pursuing Icelandic authorities for compensation. Icelandic crash Iceland was bailed out by the International Monetary Fund (IMF) and its Nordic neighbours when its banking system collapsed in 2008. On Thursday Iceland announced that it had repaid ahead of schedule 55.6bn krona (£280m; $443.4m) owed to the IMF. Along with 60.5bn krona that it is repaying early to the Nordic countries Iceland is reducing its total debt by about one-fifth. Iceland\'s Prime Minister Johanna Sigurdardottir says the krona is not working for Iceland and \"we need to change currency\". \"I think that those who say that the krona is all right are in denial,\" she said, quoted by the Icelandic newspaper Morgunbladid. Her centre-left Social Democrat party favours joining the EU and the euro, and Iceland has started negotiations to do so. The EU\'s Lisbon Treaty requires new member states to join the euro, though that process usually takes several years. But opposition parties have not backed Ms Sigurdardottir\'s call and a referendum will be held eventually to decide whether Iceland joins the EU. In a BBC interview, Ms Sigurdardottir\'s spokesman, Johann Hauksson, said the opposition Progressive Party favoured adopting the Canadian dollar, and that option had been discussed in parliament and the media. But he said only about 2% of Iceland\'s trade was with Canada - dwarfed by Iceland\'s trade with the EU - so \"it makes sense to be in the euro\". Iceland has capital controls to protect the krona, as the currency lost about 40% of its value when the banks collapsed. \"Everything imported got pricier, so it\'s very hard for households,\" Mr Hauksson said. He added that Iceland would probably not hold a referendum on EU or euro membership in 2013, but later.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today failed icelandic bank glitnir to repay uk councils Arab Today, arab today failed icelandic bank glitnir to repay uk councils

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today 17.4m tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4m tourists visit UAE in 2016
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 05:41 2017 Monday ,27 February

Phone firms turn to AI at top mobile fair
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday