What happened to Icelandic bank money?

By READER: Stephen Fodor, Ravenfield
Published 30th Dec 2013, 15:21 BST
Updated 6th Jan 2017, 14:47 BST
IN recent years Rotherham Borough Council, like so many others in the country, took the decision of investing large sums of money into Icelandic Banks. From memory these amounted to something to the tune of around £3 to £5 million, and these banks at the

IN recent  years Rotherham Borough Council, like so many others in the country, took the decision of investing  large sums of money into Icelandic Banks. From memory these amounted to something to the tune of around £3 to £5 million, and these banks at the time were considered as good investment havens and paying attractive interest.

As we all know these banks suffered financial collapse and as a result this created a lot  of worrying uncertainties about the fate of such funds, whether they would be lost and  unrecoverable.

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It later emerged that some sort of rescue package was put together by Governments, so can our Borough Council on the basis of accountability, transparancy, and obvious public interest about the fate of such a huge amount of much needed local funds, fully publish and disclose whether these funds (all or some) have indeed been recouped by them, and if so how is this money now being used for the benefit of the borough, and what exactly has happened to all these invested local funds?