Issue - meetings

This report updates the Committee on the Council’s treasury management activities and performance in the third quarter of 2012/13.

The Committee was given an update on treasury management activity during the third quarter 2012/13. Borrowing had been undertaken in November after the introduction of a reduced ‘certainty rate’, at 0.2% below standard rates, which the Council was entitled to use. Two deals were made, and were in line with the Council’s maturity profile. Short term borrowing had also been undertaken in December in order to maintain liquidity, and a positive cashflow had been maintained subsequently. Borrowing had only been undertaken when necessary.

In response to a question regarding the timescale for the recovery of funds from the Icelandic banks, it was reported that most of the funding from Glitnir had now been recovered and was likely to be resolved within two years, Landsbanki may take up to 2018 as disposal of assets was required and Heritable should be resolved by 2015/16.

RESOLVED

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