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Basingstoke treasury to reduce cash by £100m

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  • by Editor
  • in 151 News · Treasury
  • — 29 Jan, 2019

Basingstoke and Deane Borough Council is planning to reduce its cash resources for treasury investments by up to £100m over the next five years.

The decision, based on financial risk advice from Arlingclose, will reduce the council’s exposure in the event of a bank collapse.

Under legal directives, the recapitalisation of a bank would be at the expense of deposit holders like the council rather than the government.

The council’s strategy will move £90m of its longer-term cash investments into property investments following £15m that has already been moved.

The returns are projected to be in excess of the budget strategy income target by 2021/22.

A report to councillors said: “Over the past year the council has continued its strategy to limit credit risk and take steps to decrease the credit risk of the in-house portfolio.”

It added: “The alternative investments have the potential to generate returns in excess of the budget strategy income target by 2021/22 and therefore reduce the need to generate increased returns from treasury investments.”

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