Issue - meetings

To consider a report of the Director of Corporate Resources – Corporate Services on the mid-year review of treasury management activities.

The Committee considered a report of the Director of Corporate Resources – Corporate Services (Item 8 in the Minute Book) giving a mid-year review of the treasury management activities during 2017/18.

The Director summarised the main points of the report including the County Council’s repayment of  £32m of LOBO loans in July 2017 and the introduction of the Market in Financial Instruments Directive (MiFID II) which aims to improve the functioning of financial markets and strengthen investor protection.

RESOLVED:

1.    That the mid-year review of treasury management activities be noted.

2.    That the potential impact on the investment strategy of defaulting to a retail  client with effect from 3rd January 2018 be noted.

3.    That the Audit Committee notes the following recommendations agreed by County Council:

a.    That the immediate commencement of applications for elected professional client status with all relevant institutions in order to ensure it can continue to implement an effective investment strategy be agreed.

b.    In electing for professional client status County Council acknowledges and agrees to forgo the protections available to retail clients attached at Appendix 1.

c.    That County Council approves delegated responsibility to the Section 151 Officer for the purposes of completing the applications.