Nottingham is unlikely to get all the money back invested into the collapsed Icelandic banks.
A report by the Audit Commission has cleared the City Council for negligence and not spotting the collapse.
The City Council invested £42million - the second highest amount invested from a British local authority.
Council press officer Stephan Richeux says the Council are doing all they can.
"The forty-two million pounds remains in Iceland. We're hopful and the Local Government Association are hopeful too that substantial amounts of that money are returned over time.
"It's not likely to be any time soon and it's not really likely to be all of it. But we are working hard with the LGA to get it back."
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