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Icelandic bank repays £4million to Somerset County Council
SOMERSET County Council has received another £4.1million of the total it had invested in Icelandic banks, four years after their collapse.
Glitnir repaid the money to the council, which had deposited almost £25million with the three biggest Icelandic banks when they went under in October 2008.
Since then, the council has regained £13.5million of its losses and expects to recover the vast majority of the cash eventually following a ruling in Iceland's Supreme Court last November.