Issued: 09 October 2008
Angus Council Reassures Public Over Financial Investments
Angus Council has no accounts with Icelandic banks and mainly places surplus funds with large UK clearing banks or other very highly credit rated banks or building societies registered in the UK.
The council's convener of Corporate Services, Mark Salmond, reassured the Angus public today saying:
"Given the current turmoil in the financial markets and the high publicity regarding the position of the Icelandic banks, the Angus public may be concerned as to what Angus Council's position is in this regard.
"I want to reassure the public that the council takes as cautious an approach as possible to investment of any surplus funds. The council's approved treasury management policy sets out that in respect of financial institutions, surplus funds can only be placed with UK registered banks or building societies which meet minimum credit rating criteria.
"Angus Council closely monitors the situation in respect of the financial institutions where investments are currently placed and where investments could be placed in the future. In this regard, the council receives daily update bulletins from our external treasury management advisers. The advice of the external advisers is also sought prior to placing any surplus funds with any financial institution."