Issue - meetings

Report of the Deputy Director of Finance and Section 151 Officer attached.

The committee considered a report of the Deputy Director of Finance and Section which sought to provide members with an update on the Treasury Management performance in the financial year 2020/21 to the end of September 2020.

Members were advised that a low base rate meant the Council had seen £148,000 interest on a return of 0.5% due to a number of investments placed pre COVID. The Council has also paid out over £20 million over the past four months in business grants.

Members sought clarification on overseas investments such as Al Rayan Bank Plc and Sumitomo Mitsui Banking Corporation Europe Ltd and how the quality of these institutions was checked. In response, the Deputy Director of Finance advised that Officers would advise on what should be invested in, further information on the two institutions would be provided outside of the meeting.

Members requested that risk ratings for suggested investment durations (Appendix 3) be provided within the report moving forwards.

RESOLVED: (Unanimously)

1.    That the report be noted.

2.    Further information would be provided to members in respect of Al Rayan Bank Plc and Sumitomo Mitsui Banking Corporation Europe Ltd.

3.    Moving forwards, the risk rating would be provided in the report for all suggested investments.