A NEW schedule of payments from an Icelandic bank will see Wirral Council repaid “at least” 70 to 80% of a £2m investment.

The shortfall, however, will still spark questions from councillors following the collapse of Icelandic banks at the height of the credit crunch.

The Heritable Bank has set out a minimum level of repayment, but council finance chiefs in Wirral have always defended the investments, and said they are “optimistic” they will get the full amount.

Wirral Council is set to receive the first instalment at the end of the month, representing 15% of a £2m investment.

Cheshire West andŠCheshire CouncilŠ(CWAC) is also shortlyŠ to receive its first re-payment of Šfunds invested by its county council predecessor in Heritable, the UK subsidiary of Landbanski.

Administrators have similarly notified Cheshire officers that a total of around 80% of an originalŠ£8.5mŠinvestment will be returned within a five-year period.ŠŠŠŠŠŠ

Cheshire West and Chester will receive an estimated £584,433.86 pay-out onŠJuly 28 – the first of five yearly instalments.

Cllr Les Ford, CWAC deputy leader and executive member Šfor finance, explained that monies will be shared out with the east of the area, which was invested before a significant boundary change and the creation of the new council.

He said: “The return of cash invested by the county council will, of course, be shared with the east, who will receive their own payment.

“In an ideal world, we would have hoped Što have all the cash returned by the end of the month, Šbut Šthis is not to be and Šwe have to be content with the next best Šthing.