NOTTINGHAM City Council has now been paid back about £30 million of the £41.6 million it paid into Icelandic banks.
The council had investments stashed in three Icelandic different banks before the country's financial system collapsed in October 2008.
The latest council report revealed that the authority has now received £11.9 million back from Heritable Bank, where £15.6 million had been invested.
It is only expecting to receive about 88 per cent of the total back.
The council has received £7.4 million of its £15 million back from Landsbanki Bank, although it expects to get the full amount back by 2018 – and it has already received the full £11 million from Glitnr Bank.
However, 21 per cent of this has been paid in Icelandic Krone and because of ongoing currency restrictions, it is being kept in an account in the Central Bank of Iceland.
