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Wiltshire Council has received almost a third of the money owed to it from the winding up board of Landsbanki Islands hf Bank in Iceland.
The first payment of around £952,000 has been made.
Latest indications are that the council will eventually receive 98 per cent of its outstanding deposit of £3 million.
There is no indication at this stage when the next payment will be received but the recovery of all the assets and the winding-up proceedings may not be concluded until 2016.
Wiltshire Council leader Jane Scott said:
I am very pleased to report that the first payment from Landsbanki has been made to the council and that it is a substantial first payment. We are confident nearly all of the £3 million we invested in the bank will be recovered.
On Friday, October 28, the Supreme Court in Iceland ordered that the deposits placed by the test case UK wholesale depositors, including local authorities, have priority status in the winding-up of Landsbanki.
It means this group of investors, including Wiltshire Council, will be repaid first in the winding-up process.