Issue - meetings

The report of the Chief Financial Officer was submitted concerning the treasury management activities for 2013/14 (copy of report circulated with the agenda and appended to signed minutes).

RESOLVED :

(i)  That the Treasury Management (TM) activities for 2013/14 and the outturn on the Prudential Indicators be noted;

(ii)  That it be noted that the continued proactive approach to TM had led to reductions in borrowing costs and safeguarded investment income during the year;

(iii)  That the immediate action taken in response to down rating of the Authority’s current Bankers (the Co-operative Bank), be noted; and

(iv)  That the extended scope of the Interest Equalisation Reserve to include the risk associated with ‘bail-in’ following the banking regulation reform which in future would force losses on investors before taxpayers are asked to support failing banks, and the subsequent change of name of this reserve to the Treasury Risk Reserve be approved.

The Committee noted of the report of the Chief Financial Officer detailing the Treasury Management activities and performance for 2013/14 against the approved Prudential Indicators for External Debt and Treasury Management.