£5m county council loan is repaid

FIVE million pounds loaned to Northamptonshire County Council from Leicestershire has been repaid on time with interest.

The money was returned to Leicestershire County Council last week in line with the agreed terms.

Deputy council leader, Coun Byron Rhodes, said: “We take very seriously the security of our loans. Our track record is strong and unlike other councils, we did not have any money with Icelandic banks or other high profile bank failures. Making the most of every pound we spend remains vital and lending money enables us to maximise our income.”

Local authorities across the country loan money to organisations in the public and private sector.

The county council ploughs the return – £35,000 in this instance - back into services.