Bolton Council claws back almost all of £6 million it lost in Icelandic banking crash

The Bolton News: Iceland. Beautiful country, but their banks aren't so good any more. Iceland. Beautiful country, but their banks aren't so good any more.

BOLTON Council has clawed back almost all of the money it lost in the Icelandic banking crash.

The council had £4 million invested in Landsbanki and £2 million in Heritable Bank before they went into administration in 2008, helping to prompt a international economic crisis.

Now town hall bosses say they have received £5.86 million from a combination of the administrators of Heritable Bank, the winding up board of Landsbanki and from the sale of its claims.

It follows fears, reported in The Bolton News in 2009, that the council would only get 70 per cent of its original investment back.

A council spokesman said the money had been recouped, thanks to a national effort.

He said: “It’s been a long and drawn-out process to recover the money that was owed to us.

“The Local Government Association co-ordinated a joint legal action on behalf of all the local authorities to recover these funds.

“Now the vast majority of the money has been returned and the remainder has been covered by the provision we set aside in 2008 to cover any potential losses.”

Comments (14)

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9:58am Fri 2 May 14

Jim271 says...

Whys it still making cuts and increasing Council Tax then???????
Whys it still making cuts and increasing Council Tax then??????? Jim271
  • Score: 13

10:10am Fri 2 May 14

Tim Burr says...

It's easier to attack the Townspeople Jim and lay the blame elsewhere.
It's easier to attack the Townspeople Jim and lay the blame elsewhere. Tim Burr
  • Score: 7

10:44am Fri 2 May 14

Gore Seer says...

I Would Love To Know How Much Bolton As Stash Away, But I Wont Ask I Mite Be Called A Racists.
I Would Love To Know How Much Bolton As Stash Away, But I Wont Ask I Mite Be Called A Racists. Gore Seer
  • Score: -8

10:47am Fri 2 May 14

Bob Shaftoe says...

Tim Burr wrote:
It's easier to attack the Townspeople Jim and lay the blame elsewhere.
Blame game? You lot put the tax up, the only local authority around here to do so. With this windfall I suggest you reinstate the services you cut:
street cleaning, grass cutting, park rangers, roads maintenance etc.
Fat chance of that though councillor, eh? More likely to go on a council jolly.
[quote][p][bold]Tim Burr[/bold] wrote: It's easier to attack the Townspeople Jim and lay the blame elsewhere.[/p][/quote]Blame game? You lot put the tax up, the only local authority around here to do so. With this windfall I suggest you reinstate the services you cut: street cleaning, grass cutting, park rangers, roads maintenance etc. Fat chance of that though councillor, eh? More likely to go on a council jolly. Bob Shaftoe
  • Score: -15

11:18am Fri 2 May 14

Tim Burr says...

Bob Shaftoe wrote:
Tim Burr wrote:
It's easier to attack the Townspeople Jim and lay the blame elsewhere.
Blame game? You lot put the tax up, the only local authority around here to do so. With this windfall I suggest you reinstate the services you cut:
street cleaning, grass cutting, park rangers, roads maintenance etc.
Fat chance of that though councillor, eh? More likely to go on a council jolly.
Bob Shafto, 18th-century English politician. Bob Shaftoe 2014 idle racist.
[quote][p][bold]Bob Shaftoe[/bold] wrote: [quote][p][bold]Tim Burr[/bold] wrote: It's easier to attack the Townspeople Jim and lay the blame elsewhere.[/p][/quote]Blame game? You lot put the tax up, the only local authority around here to do so. With this windfall I suggest you reinstate the services you cut: street cleaning, grass cutting, park rangers, roads maintenance etc. Fat chance of that though councillor, eh? More likely to go on a council jolly.[/p][/quote]Bob Shafto, 18th-century English politician. Bob Shaftoe 2014 idle racist. Tim Burr
  • Score: 11

11:47am Fri 2 May 14

Bob Shaftoe says...

Tim Burr wrote:
Bob Shaftoe wrote:
Tim Burr wrote:
It's easier to attack the Townspeople Jim and lay the blame elsewhere.
Blame game? You lot put the tax up, the only local authority around here to do so. With this windfall I suggest you reinstate the services you cut:
street cleaning, grass cutting, park rangers, roads maintenance etc.
Fat chance of that though councillor, eh? More likely to go on a council jolly.
Bob Shafto, 18th-century English politician. Bob Shaftoe 2014 idle racist.
Me idle? Oh ouch! That hurt.
Go on then play the race card, typical Labour when you can't give a measured response.
You're beginning to lose it councillor. Roll on election day.
[quote][p][bold]Tim Burr[/bold] wrote: [quote][p][bold]Bob Shaftoe[/bold] wrote: [quote][p][bold]Tim Burr[/bold] wrote: It's easier to attack the Townspeople Jim and lay the blame elsewhere.[/p][/quote]Blame game? You lot put the tax up, the only local authority around here to do so. With this windfall I suggest you reinstate the services you cut: street cleaning, grass cutting, park rangers, roads maintenance etc. Fat chance of that though councillor, eh? More likely to go on a council jolly.[/p][/quote]Bob Shafto, 18th-century English politician. Bob Shaftoe 2014 idle racist.[/p][/quote]Me idle? Oh ouch! That hurt. Go on then play the race card, typical Labour when you can't give a measured response. You're beginning to lose it councillor. Roll on election day. Bob Shaftoe
  • Score: -13

11:53am Fri 2 May 14

Tim Burr says...

Roll on indeed. We'll be on the steps of the town hall on the 23rd waving the keys and laughing at you and the other kippers. We might invite you in just to say thanks for increasing the majority.
Roll on indeed. We'll be on the steps of the town hall on the 23rd waving the keys and laughing at you and the other kippers. We might invite you in just to say thanks for increasing the majority. Tim Burr
  • Score: 10

11:59am Fri 2 May 14

Bob Shaftoe says...

Tim Burr wrote:
Roll on indeed. We'll be on the steps of the town hall on the 23rd waving the keys and laughing at you and the other kippers. We might invite you in just to say thanks for increasing the majority.
Dream on with that, you've really confirmed that you're losing it now.
Deluded or what?
[quote][p][bold]Tim Burr[/bold] wrote: Roll on indeed. We'll be on the steps of the town hall on the 23rd waving the keys and laughing at you and the other kippers. We might invite you in just to say thanks for increasing the majority.[/p][/quote]Dream on with that, you've really confirmed that you're losing it now. Deluded or what? Bob Shaftoe
  • Score: -23

12:10pm Fri 2 May 14

Beyond News Forum says...

Tim Burr wrote:
Roll on indeed. We'll be on the steps of the town hall on the 23rd waving the keys and laughing at you and the other kippers. We might invite you in just to say thanks for increasing the majority.
Is that your attitude Mr I Do Not Care?

Hey everyone this poster above implicitly indicates how Liebore and ConDem attitudes work within the political system.

Arrogant, conceited and vehemently repulsive.
[quote][p][bold]Tim Burr[/bold] wrote: Roll on indeed. We'll be on the steps of the town hall on the 23rd waving the keys and laughing at you and the other kippers. We might invite you in just to say thanks for increasing the majority.[/p][/quote]Is that your attitude Mr I Do Not Care? Hey everyone this poster above implicitly indicates how Liebore and ConDem attitudes work within the political system. Arrogant, conceited and vehemently repulsive. Beyond News Forum
  • Score: -23

12:51pm Fri 2 May 14

Bob Shaftoe says...

Beyond News Forum wrote:
Tim Burr wrote:
Roll on indeed. We'll be on the steps of the town hall on the 23rd waving the keys and laughing at you and the other kippers. We might invite you in just to say thanks for increasing the majority.
Is that your attitude Mr I Do Not Care?

Hey everyone this poster above implicitly indicates how Liebore and ConDem attitudes work within the political system.

Arrogant, conceited and vehemently repulsive.
BTNF, judging by all the thumbs it looks like the council have told their office staff to get behind them on here. Early play day for bank holiday. Pathetic or what.
[quote][p][bold]Beyond News Forum[/bold] wrote: [quote][p][bold]Tim Burr[/bold] wrote: Roll on indeed. We'll be on the steps of the town hall on the 23rd waving the keys and laughing at you and the other kippers. We might invite you in just to say thanks for increasing the majority.[/p][/quote]Is that your attitude Mr I Do Not Care? Hey everyone this poster above implicitly indicates how Liebore and ConDem attitudes work within the political system. Arrogant, conceited and vehemently repulsive.[/p][/quote]BTNF, judging by all the thumbs it looks like the council have told their office staff to get behind them on here. Early play day for bank holiday. Pathetic or what. Bob Shaftoe
  • Score: -23

12:57pm Fri 2 May 14

Beyond News Forum says...

Keep the thumbs downs coming. You fear the truth.

Two parties that supported the call to make people unemployed for knocking on doors for a living that have the nerve to come knocking on doors during election time.

We are working on a project for people that come canvassing votes on election day.

If you wish to get involved just apply this notification to your door.

'Notice To Agent IS Notice To Principle

Any unauthorised soliciting at this address via any entity employed or volunteering to canvass for electoral votes regardless of political party affiliation will be subject to a fee. This fee will be £5000.00. If you knock on the door to this address without prior written consent or appointment you will be agreeing to pay the fee of £5000.00 to the owner/resident of the property.

Failure to understand this notice or notice this notice is inexexcuseable.'
Keep the thumbs downs coming. You fear the truth. Two parties that supported the call to make people unemployed for knocking on doors for a living that have the nerve to come knocking on doors during election time. We are working on a project for people that come canvassing votes on election day. If you wish to get involved just apply this notification to your door. 'Notice To Agent IS Notice To Principle Any unauthorised soliciting at this address via any entity employed or volunteering to canvass for electoral votes regardless of political party affiliation will be subject to a fee. This fee will be £5000.00. If you knock on the door to this address without prior written consent or appointment you will be agreeing to pay the fee of £5000.00 to the owner/resident of the property. Failure to understand this notice or notice this notice is inexexcuseable.' Beyond News Forum
  • Score: -18

12:58pm Fri 2 May 14

Beyond News Forum says...

Bob Shaftoe wrote:
Beyond News Forum wrote:
Tim Burr wrote:
Roll on indeed. We'll be on the steps of the town hall on the 23rd waving the keys and laughing at you and the other kippers. We might invite you in just to say thanks for increasing the majority.
Is that your attitude Mr I Do Not Care?

Hey everyone this poster above implicitly indicates how Liebore and ConDem attitudes work within the political system.

Arrogant, conceited and vehemently repulsive.
BTNF, judging by all the thumbs it looks like the council have told their office staff to get behind them on here. Early play day for bank holiday. Pathetic or what.
Completely Bob, but we can all play games. Take a look at my last comment ;)

It is legal.
[quote][p][bold]Bob Shaftoe[/bold] wrote: [quote][p][bold]Beyond News Forum[/bold] wrote: [quote][p][bold]Tim Burr[/bold] wrote: Roll on indeed. We'll be on the steps of the town hall on the 23rd waving the keys and laughing at you and the other kippers. We might invite you in just to say thanks for increasing the majority.[/p][/quote]Is that your attitude Mr I Do Not Care? Hey everyone this poster above implicitly indicates how Liebore and ConDem attitudes work within the political system. Arrogant, conceited and vehemently repulsive.[/p][/quote]BTNF, judging by all the thumbs it looks like the council have told their office staff to get behind them on here. Early play day for bank holiday. Pathetic or what.[/p][/quote]Completely Bob, but we can all play games. Take a look at my last comment ;) It is legal. Beyond News Forum
  • Score: -11

1:57pm Fri 2 May 14

Beyond News Forum says...

The image is here posted by one of the members

http://articlechase.
com/beyondnews/showt
hread.php?tid=8530
The image is here posted by one of the members http://articlechase. com/beyondnews/showt hread.php?tid=8530 Beyond News Forum
  • Score: 0

2:26pm Fri 2 May 14

Beyond News Forum says...

I know it is inexcusable to spell correctly - edit button please BN!
I know it is inexcusable to spell correctly - edit button please BN! Beyond News Forum
  • Score: -2

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