Room 151 Launches Amidst New Banking Crisis
0Following the banking crisis of 2008 and subsequent losses in Icelandic banks, our sister company, AIConferences, set-up a one-day forum for local authorities, their advisors and the fund management industry to discuss the investment of capital reserves. Fast forward a few years and The Local Authority Treasurers’ Investment Forum has just run for the third time this September at The London Stock Exchange. During the same period the liquidity crisis that followed the sub-prime mortgages debacle has mutated into the solvency crisis we see before us today. Banking institutions across Europe are under increasing scrutiny from ratings agencies and the markets as they grapple to understand where the contagion will strike next, and how hard.
In September at the Stock Exchange we heard many of the same messages coming back to the fore that we’d heard after 2008: 1) The need for information about the creditworthiness of counterparties and the state of the markets has never been greater. 2) Collaboration and communication between local authorities and their service providers is vital to ensuring risks and opportunities are widely understood. 3) Diversification is of paramount importance unless local authority cash is being parked with the DMO. 4) There are some very rocky roads ahead.
It is with these messages in mind that we’ve launched Room 151, a news and resource service for section 151 officers, treasury managers, principal accountants, elected members and all those who provide investment and advisory services to local authority treasury units in the UK. We’d like to encourage anyone with a role in investing public money to get involved with a view to circulating information and opinions on the best ways to finding security, liquidity and yield in this uniquely challenging time.
Feel free to use the comments sections to have your say or email editor@room151.co.uk And please let us know what we’re doing right and where we’re going wrong.
Thank you,
Peter Findlay
Editor, Room151
