Agenda item

Report of the Chamberlain

The Board received a report of the Chamberlain providing a summary of the City of London Corporation’s treasury management portfolio (investments) as at 31 December 2021. The Chamberlain introduced the report and drew Members’ attention to the key points. The Board noted the improvement in rates available arising from the successive increases to base interest rates by the Bank of England. Consequently, new deposits had been placed at higher yields with further improvements expected as existing deposits mature and are recycled. The competitiveness of the notice account deposits was continually monitored, with rates being re-negotiated where appropriate. In response to a question from the Deputy Chairman regarding interest rates on renewal of matured investments, the Chamberlain advised that one-year deposits with high quality banks currently yielded 1.2-1.3%, a significant increase on the previous 2 years.

RESOLVED – That the report be noted.