To agree the public minutes and non-public summary of the meeting held on22 March 2018.
It was clarified that the use of the word ‘underwritten’ to describe the central government’s role in loans between local authorities was misleading. The central government had the power to intervene in the finances of a local authority in exceptional circumstances, and for this reason it is considered unlikely that any local authority would default on a loan repayment. However, Central government does not underwrite loans taken out by local authorities.
RESOLVED – That, pending the above clarification, the public minutes and non-public summary of the meeting held on 22 March 2018 be agreed as a correct record.