Bank repays borough

Amber Valley Borough Council will claw back nearly £860,000 of the £1 million it lost during the collapse of the Icelandic banking system.

In October 2008 the authority lost the cash when Kaupthing Singer and Friedlander, a UK subsidiary of an Icelandic bank went into administration.

However, last week the council was told the prospects for recovery of the capital and accrued interest are expected to be between 81 per cent and 86 per cent. The extent of the loss amounts to £140,300 as of March 31 2012.