Stroud News
SDC to write-off potential loss of most of £3m Icelandic bank deposit
2:00pm Wednesday 17th March 2010
STROUD District Council is to write-off the potential loss of most of the £3million invested in Icelandic bank Glitnir.
SDC is among several local authorities involved in a legal challenge, led by the Local Government Association, to recoup the full amount.
However, if the challenge fails, councillors only expect to recover about 30 per cent.
Under accounting regulations, SDC will now write-off about £2.3million from balances and reserves during this financial year.
Speaking during the cabinet meeting at Ebley Mill on Thursday, Nigel Cooper, cabinet member for finance, said: "We still remain hopeful we will get back the full amount."
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