Author: Great Britain. Parliament House of Commons. Communities and Local Government Committee
Publisher:
ISBN:
Category : Local government
Languages : en
Pages :

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Author: Great Britain: Parliament: House of Commons: Communities and Local Government Committee
Publisher: The Stationery Office
ISBN: 9780215530660
Category : Business & Economics
Languages : en
Pages : 84

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The collapse of Icelandic financial institutions in the autumn of 2008 brought to light not only the surprisingly large amounts of money invested by local authorities, but also the fact that local authorities had invested nearly £1 billion in Iceland, funds that were consequently at risk. This prompted the Committee to launch an inquiry into local authority investments, in order to understand current practice, to study the roles and responsibilities of various groups and individuals involved, and to make recommendations intended to limit the exposure of local authority funds to such risk in future. The unusual nature of the recent financial situation should not excuse failures that occurred in local authority financial arrangements. The inquiry reveals a degree of misunderstanding, misinformation and complacency on the part of some crucial players, both within local authorities and in the wider financial sector, which contributed to the putting of taxpayers' money at unnecessary risk. There is significant room for improvement in the guidance and codes of practice for local authorities: to be more explicit in certain areas in order to make the system more transparent; to explain where the responsibilities lie, both in executing and in overseeing treasury management, including more rigorous training and reporting; and to highlight the variations of service on offer by different external service providers. It was the role of external service providers, specifically some of the treasury management advisers, which caused the Committee most concern and the Financial Services Authority should investigate the services provided by them as soon as possible and should take a more active role in their regulation.

Author: Great Britain: Parliament: House of Commons: Communities and Local Government Committee
Publisher: The Stationery Office
ISBN: 9780215530684
Category : Political Science
Languages : en
Pages : 164

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Local authority Investments : Seventh report of session 2008-09, Vol. 2: Oral and written Evidence

Author: Great Britain. Parliament House of Commons. Communities and Local Government Committee
Publisher:
ISBN:
Category : Local government
Languages : en
Pages :

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Author: Christopher Orndorff
Publisher: Irwin Professional Publishing
ISBN: 9780786308163
Category : Investment of public funds
Languages : en
Pages : 0

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Author: E. T. Cobb
Publisher:
ISBN: 9780900981050
Category : Investment of public funds
Languages : en
Pages : 73

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Author: Centre for Public Scrutiny (Great Britain)
Publisher:
ISBN: 9780748892327
Category : Capital investments
Languages : en
Pages : 38

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Author: Audit Commission for Local Authorities in England and Wales
Publisher:
ISBN:
Category : Government property
Languages : en
Pages : 34

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Author: Naomi Enid Slack
Publisher: UN-HABITAT
ISBN: 9211321131
Category : Municipal finance
Languages : en
Pages : 90

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Author: Bernard Augustus Williams
Publisher:
ISBN:
Category : Great Britain
Languages : en
Pages : 396

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