Clawing back cash

AMBER Valley Borough Council says it expects to recover between 75 per cent and 84 per cent of the £1 million it invested in a failed Icelandic bank three years ago.

The authority said it has so far recouped 73 per cent of the money.

It added that the overall anticipated loss would amount to £191,000.

A council spokesman said: “During the course of the year, the council has received dividend payments amounting to £185,300, which is a recovery of 15 per cent of the amount due — 53 per cent was received in total to 31 March 2011, plus a further five per cent received in May 2011.”

The council added that the anticipated loss had actually reduced by £112,000 on the original estimate.