Rutland County Council £19.634.173.80 cash investements

RUTLAND COUNTY COUNCIL

INVESTMENTS AS AT 17 JANUARY 2011

Rutland County Council has public money invested with the following organisations:

HSBC - Sterling Liquidity Fund
HSBC - Money Market
Coventry Building Society
Lloyds TSB
Bank of Scotland
London Borough of Brent
Skipton Building Society
Santander
Nationwide Building Society
Overseas Chinese Banking Corporation
Barclays Bank
Overseas Chinese Banking Corporation
Clydedale Bank
Yorkshire Building Society
Principality Building Society
NMRothschild&Sons
Heritable Bank - ln Administration






£19.634.173.80 is the total sum invested and interest rates are very poor these range from 0.33% in the HSBC (a total disgrace) to the higher 1.8% paid by both Lloyds TSB and The Bank of Scotland.

What interests me the most is Heritable Bank this pays 6.09%

This is  a Landsbanki owned Scottish Bank,

The Leader of Rutland County Council Roger Begy said we had lost £1,000,000.00 in this bank.

Last year he told the public "we had got it all back"

This week The Leader of the Council Roger Begy said he never said such a thing?

He said Rutland County Council had recovered £850,000 and it was likely the Council will loose £125,000
This was confirmed by Helen Briggs Chief Executive.

Why are they lying?

A freedom of information request reveals there is only £546,096.29 deposited in this account where is the other  £453903.71

I am aware a member of the public has made a Freedom of Information request to see hard copies of Statements relating to all the above investments. Rutland County Council has refused to provide these. Why? What do they have to hide? This is public money.

I am not sure who Rutland County Council employs these days to control finances, but surely this needs to be looked into.

Why are the public being asked how should we save £650,000 of important service when there is this amount of money invested.

£650,000 is a small amount of the total sum the council intends to cut, another 100+ staff will be going soon.