CHESHIRE County Council has unanimously agreed a temporary change to its investment policy to help cope with the financial turmoil in the world money markets.
The authority, which has £8.5m deposited with Heritable - a UK subsidiary ofŠLandbanski -Šhas carried out a full review of treasury management and investment strategies.
Members expressed full confidence in finance officers who invested the cash with Heritable at least a week before its credit ratings began to fall on September 30.
Council Leader Paul Findlow said: “The Local Government Association has confirmed that councils that investedŠbefore September 30 in accordance with DCLG guidelines acted prudently. There can be no criticism of that decision.
“There appears to be hopeful signs that we will get at least some of our money back. Our council taxpayers can rest assured that we will be monitoring events very closely indeed.”
For full story see next week’s Pioneer.