Issue - meetings

To update the Committee on the Council’s treasury management activities and performance in the fourth quarter of 2012/13.

The Committee received the update on Treasury Management 2012/13 Quarter 4 activity and performance. In respect of the downgrade of the UK’s sovereign rating by the credit rating agency Moody’s, it was noted that this had been widely anticipated by the markets, and there had therefore been no significant impact on markets as a result.

In response to a question from the Committee regarding the anticipated saving on the treasury management budget, and whether longer-term debts could be rescheduled in order to take advantage of lower interest rates, it was advised that the premiums payable for the rescheduling of debts was prohibitive at the present time. It was confirmed that officers were liaising with the treasury management advisor on a regular basis, and that a note on the treasury management advisor’s advice could be provided to the Committee.

RESOLVED

That the Treasury Management activity undertaken during the fourth quarter of 2012/13 and the performance achieved be noted.