• Home
  • About
  • Subscribe
  • LATIF
  • Conferences
  • Dashboard
  • Edit My Profile
  • Log In
  • Logout
  • Register
  • Edit this post

Room 151

  • 151 BRIEF

    What's New?

  • EAPF criticised for water company investments

    August 10, 2022

  • Welsh pension fund confirms £50m investment in clean energy

    August 10, 2022

  • Inflation ‘disastrous’ for local services, warns LGA

    August 10, 2022

  • Consultation opens into care charging reforms

    August 9, 2022

  • ADASS survey: ‘worst fears confirmed for adult social care’

    August 5, 2022

  • GMCA to unlock funds for home energy-efficiency upgrades

    August 4, 2022

  • Treasury
  • Technical
  • Funding
  • Resources
  • LGPS
  • Development
  • 151 News
  • Blogs
    • David Green
    • Agent 151
    • Dan Bates
    • Richard Harbord
    • Stephen Sheen
    • James Bevan
    • Steve Bishop
    • Cllr John Clancy
    • David Crum
    • Graham Liddell
    • Ian O’Donnell
    • Jackie Shute
  • Interviews
  • Briefs

RBS downgrade, Peterborough bond impact, LGPS procurement, North Lanarkshire property deal

0
  • by Jo Tura
  • in 151 News
  • — 8 Nov, 2013

Standard & Poor’s downgrades RBS
Following the announcement of RBS’ restructuring plan ratings agency Standard & Poor’s has downgraded the bank to A-/A-2, outlook negative. “The changes amount to a material extension of RBS’ long running restructuring, further delaying the bank’s return to profitability,” wrote the agency. The negative outlook, said S&P, reflects the negative trend it sees for the UK banking industry risk.

Peterborough SIB success
Figures released this week have shown a 12% decrease in the number of short-sentence prisoners from Peterborough Prison being reconvicted. A Social Impact Bond launched by Social Finance in 2010 is trialing a new way of rehabilitating offenders, with investors receiving a return on their investment in the event of a measurable positive social impact. Justice secretary Chris Graying said: “The message is clear – our reforms are the right approach.” Social Finance warned that the results so far, which compare to an 11% increase in reoffending nationally, shouldn’t be used to infer that the entire six year scheme has been a success.

LGPS procurement framework available to all
An LGPS collaboration between eight councils is to launch a structure for global custody services. The framework will be available from mid-November to any LGPS fund and has been set up by National LGPS Frameworks, a venture between funds from Buckinghamshire, Cambridgeshire, Lincolnshire, Northamptonshire, Norfolk, Suffolk, Croydon and Hackney. Participants in the framework, which comes on top of procurement frameworks for actuarial and benefit consultancy services launched last year, will be able to access its ceiling prices, terms and conditions. JP Morgan and BNY Mellon are among the firms who have been awarded contracts.

North Lanarkshire in Barclays property company loan
North Lanarkshire Council has transferred its 975 commercial properties to an arms-length limited liability company, raising £45m. Barclays will lend the council the money based on the future rental income of properties in the company. The loan will then be repaid over 25 years at a rate of interest fixed for the first ten years.

Councils help fund university site
Northampton Borough Council and Northamptonshire County Council have helped the University of Northampton access £60m of PWLB money through the region’s Local Enterprise Partnerships. The borough worked with the South East Midlands Local Enterprise Partnership and the county with the Northamptonshire Enterprise Partnership to secure loans of £46m and £14m. The money will be made available over three years and the university will start groundwork at its new site next year.

Share

You may also like...

  • PLSA: LGPS should examine ‘benefits of greater centralisation’ 14th Jun, 2022
  • Treasury to restrict PWLB loans to councils at risk of non-repayment 19th May, 2022
  • Bradford councillor fears £33.8m children’s services overspend could lead to s114 20th Jul, 2022
  • Auditors call for more investment in finance function skills 25th Feb, 2022

Leave a Reply Cancel reply

You must be logged in to post a comment.

  • 151 BRIEFS – WHAT’s NEW?

    • Inflation ‘disastrous’ for local services, warns LGA
    • Consultation opens into care charging reforms
    • ADASS survey: ‘worst fears confirmed for adult social care’
    • GMCA to unlock funds for home energy-efficiency upgrades
    • Levelling up committee calls for urgent boost to social care funding
  • Room151’s LGPS Roundtables

    Biodiversity
    Valuations & Risk
    LGPS Women

  • Room151’s LGPS Roundtables

    Biodiversity
    LGPS Women
    Valuations & Risk
  • Latest tweets

    Room151 10 hours ago

    LATIF/FDs’ Summit ‘on course to be biggest yet’: Room151’s flagship event – the Local Authority Treasurers Investment Forum (LATIF) and FDs’ Summit – is on course to be the biggest yet, with more than 200 delegates expected. Combining[...] dlvr.it/SWSDrL pic.twitter.com/f8FXzcAdWB

    Room151 13 hours ago

    ‘Local government treated worse than any other part of public sector’: Clive Betts, chair of the Levelling Up, Housing and Communities Committee, talks to Mike Thatcher about lack of progress on levelling up, pork-barrel politics and why local government… dlvr.it/SWRk1L pic.twitter.com/Jpw0BsOsy3

    Room151 2 days ago

    Which LGPS pools and funds are attending the LGPS Investment Forum on Nov 2 & the LGPS Private Markets Forum on Nov 1st? Answer here: lnkd.in/eDHU8tuy pic.twitter.com/D3gd63Rh7F

    Room151 2 days ago

    LGPS and levelling up: nothing to fear but fear itself: There have been a number of objections to government plans for LGPS funds to invest 5% of their assets in local projects. But George Graham says these objections can be[...] dlvr.it/SWL7vt pic.twitter.com/ebwBEkZTy4

    Room151 2 days ago

    George Graham @SYpensions @bordertocoast channels his inner FDR in a call for local government pension funds to avoid the fear factor and embrace levelling up #LGPS #localgov room151.co.uk/local-governme…

    Room151 3 days ago

    Changes to rules on capital receipts raise wider questions: Stephen Kitching argues that DLUHC’s latest rule changes are part of a series following on from revisions to MRP guidance and the purchase of commercial property. He questions whether… dlvr.it/SWGqKC pic.twitter.com/Ycr5hWZDPk

    Room151 6 days ago

    ‘No ifs, no buts’: the Bank of England continues its battle with inflation: Partner Content: CCLA Investment Management’s Robert Evans discusses the MPC’s 0.5% increase in the Official Bank Rate and its ongoing commitment to the 2% inflation target… dlvr.it/SW7SNC pic.twitter.com/ryOzYRSNA9

    Room151 1 week ago

    DLUHC changes rules on flexible use of capital receipts: The levelling up secretary has written to all council leaders to amend the rules concerning the flexible use of capital receipts to fund transformation projects. In his letter, Greg Clark[...] dlvr.it/SW3jyX pic.twitter.com/KEhSSaMITl

    Room151 1 week ago

    Local audit and financial reporting: let’s take back control: Mazars’ Suresh Patel suggests three steps that auditors and council finance teams should take to help get financial reporting and local audit back on track. Following my recent appearance… dlvr.it/SW0PfV pic.twitter.com/miL7pjukce

    Room151 1 week ago

    The case for residential investment: income, impact and resilience: Partner Content: Emma Gullifer from Columbia Threadneedle discusses the options for pension funds looking to invest in residential property including the Build-to-Rent market.… dlvr.it/SVzKwN pic.twitter.com/hdgZ4zKt4H

  • Register to become a Room151 user

  • Previous story A busy week for banks leaves locals looking for a new home
  • Next story Treasurers weekly briefing

© Copyright 2022 Room 151. Typegrid Theme by WPBandit.

0 shares