Hopes high of recovering £3m of Powys taxpayers’ money
Monday 4th April 2011, 9:09AM BST.
But today Powys County Council said it was hoping to get at least £3 million back after receiving news that local authorities across the UK had been given priority status over other creditors.
Councillor Tony Thomas, the council’s board member responsible for finance, said: “It is excellent news that the judges in Iceland have heard the arguments on both sides and found in favour of UK local authorities and other UK wholesale depositors.
“This judgement means that UK local authorities’ claims have been recognised as deposits with priority status over other creditors’ claims and will be at the front of the queue when it comes to getting their money back following the collapse of the failed Icelandic banks.
We hope that our opponents will accept this clear verdict.
“Securing priority status in the administrations of Landsbanki and Glitnir could save council taxpayers in Powys as much as £3 million.
“This money is particularly important at a time when local authorities need to maximise resources to help fund the reduction in their funding.
“The way in which we have co-ordinated the legal action in this matter with the LGA has minimised legal costs for all the parties involved and provided value for money for taxpayers. The cost of the litigation to date amounts to less than one per cent of the money we expect to recover.”
By Anwen Evans
Most Commented
- Shropshire Council will face £8m redundancy bill
- Clampdown on Shrewsbury chuggers
- Bishop's gay marriage views do nothing to support bible teachings
- Letter: Alcohol price plans annoy me
- Planners ordered to stay on Newport visit bus
- Letter: Angered by close encounter of the furred kind
- Letter: No sense in overseas job adverts
Shropshire Star on Twitter
Keep updated with the latest breaking news and content on our Twitter feed.
Lifestyle
Interactive Dining Out map
Hundreds of reviews by the Shropshire Star and Express & Star's teams to help you decide where to eat.
Entertainment
All the film reviews
Before you plan a trip to the pictures, get our critics' verdicts on all the latest movie releases.
OUR NEW APP
Get the new Shropshire Star app
Download the Shropshire Star’s new app to your iPad or iPhone to get one week of access to our digital newspapers absolutely FREE.
shropshirestar.com
Popular sections
Useful links
