Issue - meetings

TREASURY MANAGEMENT

 

 

Meeting: 28/01/2013 - City Council (Item 85)

85 Treasury Management Strategy 2012/13 - midyear review pdf icon PDF 50 KB

Chair of the Audit Committee: Councillor Wheeler.

 

The City Council will be asked to consider the Audit Committee recommendation. 

Minute 44 (of the Audit Committee meeting held on 13 December 2012) and the report of the Director for Corporate Services refer.

 

Additional documents:

Minutes:

Councillor Wheeler (Chair of the Audit Committee) presented the midyear review of the Treasury Management Strategy 2012/13 in accordance with minute 44 of the Audit Committee.  The written report of the Director for Corporate Services to the Audit Committee also referred.

 

The proposal was seconded by Councillor Lowry and the report was noted.

Meeting: 13/12/2012 - Audit and Governance Committee (Item 44)

44 TREASURY MANAGEMENT AND STRATEGY 2012/13 - MID-YEAR REVIEW pdf icon PDF 780 KB

The Director for Corporate Services will submit a report on Treasury Management and Strategy 2012/13 – Mid Year Review.

Minutes:

The Senior Accountant provided the Committee with an update on the Treasury Management and Strategy undertaken for the first half of the year compared with the approved strategy for 2012-13.

 

In response to questions raised it was reported that –

 

a)

 

with regard to receiving money back from the Icelandic Banks, PCC should receive approximately 95 per cent of the Council’s investments made with Heritable Bank in the next two years.  The full amount should be received from Landsbanki and Glitnir over time and Bevan Brittan were currently working on behalf of the Council and other LA claimants to recover the remaining sums due;

 

b)

 

the cost of repaying any debt was currently unaffordable as there were premiums to pay on early repayment.  However officers keep this under review so opportunities could be taken at appropriate times;

 

c)

 

although the fines were large for both HSBC and Standard Chartered they were still very strong and profitable banks. The main reason for PCC not having funds invested with them was that they were not looking for funding in sizes that would be viable for the Council.

 

 

Agreed that the report be noted and presented to full Council in accordance with TMP6.