22 July 2009
Caerphilly county borough council is optimistic that it can recover a significant amount of the money it has invested in Icelandic banks.
Cllr Colin Mann, Deputy Leader and Cabinet member for Resources says, "Early predictions last autumn on recovering the money are now far more hopeful. The anticipated £15 million loss may now be more like £3 million and whilst we did not gain the interest it is a far better picture than we had dared hoped for last year. We also set aside in the 2008/09 Financial Accounts sufficient funds to deal with any shortfall and therefore it will not have an impact on service delivery budgets."
"It is important that all our residents are assured that there is no immediate impact on services due to this issue. Indeed, we emphasis you can have complete confidence in your local council continuing to deliver the same high quality services as always. We continue to work closely with our colleagues in the WLGA and LGA to look at the ways we can recover this money," he added.
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