Cambridge hopes over Icelandic bank cash

5 November 2009

A spokesperson for Cambridge University has said that the university hopes to gain back a substantial proportion of the money it lost during the Icelandic bank crash of October 2008.The University had significant investments of £11 million in two Icelandic banks when the financial crisis hit the country last year. This amounted to three per cent of its total investments. No exact figures have been revealed as to how much Heritable Bank and Glitnir will repay the university but a spokesman told The Cambridge City News: “Overall we are anticipating a substantial recovery in time.”