| Item | Description | Resolution |
|---|---|---|
| PART 1 - PUBLIC | ||
| MATTERS FOR RECOMMENDATION TO THE CABINET | ||
| FP 09/065 |
Amendment to the Treasury Management Strategy Statement and Annual Investment Strategy for 2009/10 |
Consideration was given to the report of the Director of Finance which put forward proposed amendments to the Treasury Management Strategy Statement and Annual Investment Strategy for 2009/10 in response to changing market conditions in order to improve the robustness of the Council's treasury arrangements. The report made reference to individual counter party, group and sovereign exposure limits, credit rating limits and liquidity. Endorsement was sought in the aftermath of the banking crisis of the decision not to recall those investments which fell below the minimum rating set out in the existing Strategy because the institutions retained the implicit support of the Government. RECOMMENDED: That (1) retrospective approval be granted in respect of investments made with UK banks which retained the implicit support of HM Government whilst their credit rating fell below the minimum stipulated in the Investment Strategy; 2) the counter party, group and sovereign ratings set out at Annex 1 to the report be adopted and incorporated in the Treasury Management and Investment Strategy for 2009/10; and (3) the amendments to the Specified and Non-specified Investment schedules to that Strategy, as set out at Annexes 2 and 3 to the report, be adopted. *Referred to Cabinet |