Icelandic Bank Deposit - Glitnir Auction
This report concerns the outcome of the remaining monies held with the failed Icelandic Bank, Glitnir, with the possible auction of the Council’s priority claim as a Glitnirdepositor/creditor. The Local Government Association (LGA) is assisting an auction process on behalf of all interested authorities, resulting in a number of authorities selling their remaining Glitnir deposits concurrently. This report relates to the final £1.6m Glitnir deposit. It does not relate to Landsbanki claim as that was finally settled in February 2013. The final Glitnir deposit remains in Iceland due to the current imposition of capital controls.
In accordance with Access to Information Rule 6.06(f) (Special urgency), the Chairman of the Council Overview and Scrutiny Committee has agreed that the decision cannot be reasonably be deferred because a decision is required by the Local Government Association's solicitors by Friday 30 January 2015.
Exempt: Not for publication under Paragraph 3
Information relating to the financial or business affairs of any particular person (including the authority holding that information)
Decision:
1. That the Local Government Association and its legal representatives be authorised to include the Council’s remaining deposit in Glitnir Bank in a Central Bank of Iceland currency auction.
2. That authority be delegated to the Director of Finance, in consultation with the Leader or the Cabinet Member for Business Services and the Monitoring Officer, to submit final papers in respect of the auction and to determine the relevant exchange rate to be included in the offer.