Council chief answers your questions as NELC starts investing again
NORTH East Lincolnshire Council will begin to invest tax-payers’ cash again – and could recover all £7-million invested in doomed Icelandic banks.
At a special meeting of NELC’s Cabinet, finance officers said they expect £4-million to £5-million will be returned – with the possibility of the remaining £2-million also being recovered.
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Tony Hunter will join our online debate today.
As reported, almost £1-million has already been restored to the council’s coffers and officers are hopeful the rest will soon follow, after the Icelandic Government announced it intends to honour all of its financial commitments.
However, no firm time scale has yet been set.
On the back of the announcement, councillors have also voted to begin investing on the open market again – though initially they will be limited to where they can place the estimated £73-million annual surplus income NELC has available to invest.
Since the Icelandic investment fiasco in October last year, the council’s investment fund has been placed in risk-free initiatives which yield little interest.
Today, NELC’s chief executive, Tony Hunter, joined the Grimsby Telegraph online debate on this issue – go to www.thisisgrimsby.co.uk/editorsdebate to read the debate in full.
To read more about the changes NELC has made – and a new appointment – see today’s Grimsby Telegraph.
A report of the online debate will appear in your Telegraph tomorrow.
To read the full report the Audit Commission wrote into the Icelandic crisis, click on the link to the right of this pagel or go to www.thisisgrimsby.co.uk/auditcommissionreport
23 Comments
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by JJ, Gy
Friday, September 18 2009, 8:40AM
“And all we need is for Taxpayer to change the record and actually post a relevant comment. The amount he mentions Tim, you'd think he had been spurned or something. Try dropping the subject, you're the one who keeps mentioning his name.”
by Taxpayer, GY
Friday, September 18 2009, 8:01AM
“All we need now is TM complaining about 'wasting taxpayers money'!.....”
by Di, Grimsby
Thursday, September 17 2009, 8:16PM
“why dont the council build a skate boarding park think the youth of today would really appreciate, after all the parents pay the poll tax. Take a look around Grimsby teenages have nothing to do, so they hang around the streets.Spend it on our children.”
by Maverick, Grimsby
Thursday, September 17 2009, 6:59PM
“Peter, I am on annual leave so no misusing of any computers. Why is it a 'generous' scheme? I pay a significant amount of my own salary into this scheme, I feel the time and effort that I put into my job deserve the pay out at the end of it. Out of curiosity, what action needs to be taken for these pensions? Also, what other things have I got wrong? Please can you also answer my previous questions?
Just to clarify - the pension scheme isn't 'generous' therefore you are misinformed. Also the statement, drain on resources, is a negative statement. You therefore have been both misinformed and are making negative statements.”
by Ted, Grimsby
Thursday, September 17 2009, 5:57PM
“Didnt they learn the first time.”