Agenda item

The Council considered a report of the Corporate Director, Resources regarding the mid-year position on the treasury management service to 30 September 2015 (for copy see file of Minutes).

The Corporate Director, Resources informed the Council that the report also included a forward looking annual treasury strategy and backward looking performance against the previous strategy as well as incorporating the needs of the ‘Prudential Code’, which was regarded as best operational practice.

An update was also provided to the Council in relation to the recovery position regarding deposits made to Icelandic Banks which collapsed in 2008.  The Council had recovered £7.036m against the original £7m deposited and it was recommended that this matter could now be closed.

Moved by Councillor Napier, Seconded by Councillor Henig and

Resolved

(i)              That the mid-year treasury management position for 2015/16 be noted; and

(ii)             That the Council agree no further reporting was required on the Icelandic Bank Deposit on the basis that the full £7m had been recovered.