Issue - meetings

Councillor John Brady Cabinet member for Finance, Performance and Risk presented the report.  He highlighted two issues one was the good news that the Council has priority status in the winding-up of the Icelandic banks which means that the Council will be repaid first and it is hoped that the Council will recover 98% of its deposit.  The other issue was that Cabinet was requested to ratify a short term investment decision.

Resolved:

a)    to note the contents of the report in line with the Treasury Management Strategy.

b)   to ratify a short term investment decision carried out on 15 June 2011, as detailed in the main report at paragraphs 37 and 38.

Reason for the proposal

The report is a requirement of the Council’s Treasury Management Strategy.

To obtain Cabinet’s ratification of an investment outside the duration limit.