Kent County Council, who lost £50 million in the collapse of the Iceland banks, received some good news today when it emerged that they should get a large percentage of the money back after administrators indicated there could be an 80% return.
This would be a lucky escape for KCC after continuing to deposit money into the banks even after the credit rating for the banks dropped from ?acceptable? to ?adequate?.
To read the rest of the story go here (BBC link) and here (Kent News).
Of course this still means that £10 million may never be recovered?