| Item | Description | Resolution |
|---|---|---|
| PART 1 - PUBLIC | ||
| MATTERS FOR RECOMMENDATION TO THE COUNCIL | ||
| CB 12/076 |
Treasury Management Mid-Year Review 2012-13 |
The report of the Director of Finance provided an update on treasury management activity undertaken during the period April to August 2012/13 and reviewed the risk parameters contained within the current Treasury Management Strategy Statement and Annual Investment Strategy. Members were advised of two suggested changes in approach to risk supported by Sector, the Council's external treasury advisor and of the recommendations of the Audit Committee at its meeting on 9 October 2012. The Director of Finance provided an update on recovery of the funds invested with Landsbanki and indicated that around half the funds due to the Council had now been repaid. RECOMMENDED: That (1) the action by officers in respect of treasury management activity for the period April to August 2012 be endorsed; (2) as recommended by the Audit Committee, the current 'AAA' sovereign requirement for investment in the UK be replaced with a minimum rating of Fitch 'AA-' or equivalent; and (3) the counterparty/group exposure limit be increased from the current 20% to 25% for the UK nationalised and semi-nationalised banks. *Referred to Council |