A local authority which lost £12.9m following the collapse of an Icelandic bank looks set to recover the majority of its money.
West Sussex CC said it expected to recoup between £12.6m and £12.9m deposited with Heritable Bank.
The money was lost when the bank’s parent company Landsbanki collapsed in October 2013.
Council leader Louise Goldsmith said: ‘From day one we were determined to recover the money invested at the time of the crash.
‘I remember saying that it would take between 10 and 15 years so I’m delighted we’ve recovered this money for the taxpayers of West Sussex much sooner than that.
‘Our determination has paid off and we stand to recover between 98% and 100% of the money we invested.
‘This is good news for the West Sussex taxpayer.
‘The money will go back into supporting our key frontline services.’