Issue - meetings

Assembly received this report, introduced by the Chief Finance Officer, updating Members on treasury management activities in the current year.

Assembly agreed to approve the following changes to the Treasury Management Strategy Statement 2013/14:

(i)  Remove the variable counterparty limit for Lloyds Bank, which is currently the higher of £40m or 40% of total investable cash, to a fixed limit of £50m;

(ii)  Allow the in-house treasury section to manage (hold and sell), but not purchase, UK government GILTS with maturities in excess of one year and up to a maximum maturity period of five years; and

(iii)  Allow the in-house treasury section to invest in non-UK banks that meet the minimum credit rating colour band up to a maximum of £10m per counterparty and up to a total limit of £30m for all non-UK banks.

The Leader introduced the report.

Cabinet resolved to recommend the Assembly to approve the following changes to the Treasury Management Strategy Statement 2013/14:

(i)  Removal of the variable counterparty limit for Lloyds Bank, currently the higher of £40m or 40% of total investable cash, to a fixed limit of £50m;

(ii)  To allow the in-house Treasury section to manage (hold and sell), but not purchase, UK government GILTS with maturities in excess of one year and up to a maximum maturity period of five years; and

(iii)  To allow the in-house Treasury section to invest in non-UK banks that meet the minimum credit rating colour band up to a maximum of £10m per counterparty and up to a total limit of £30m for all non-UK banks.