After more than two years Cllr Michael Haley finds the Melton Building Society
in Oakham.
I have been asking the council to seek more places to keep the money each time
I was told the clerk is looking into it and then the finance working group.
It is a shame Cllr Haley and Cllr Ind have not found the other banks located
in our town, but this is a good start after so many years.
Report No. TC05617
Appendix: H
Agenda Item: 13
Council
Date of Meeting: 11/10/17
OAKHAM TOWN COUNCIL
Report Authors: Cllrs Michael Haley,
Peter Ind.
Title
Financial Reserves
Subject: Financial Reserves banking accounts
Applicable Strategy:
To ensure robust financial controls are in place to enable the delivery of cost
effective services as required now and in the future
Background
Currently Oakham Town Council maintains accounts with HBSC and Cambridge
Building Society. The sums deposited with HBSC exceed the FSCS maximum
protection amount of £85,000.00. The risk of loss is very small in that HSBC’s interim
report (July 2017) shows total assets of $Billion2,492 and risk rated assets of
$Billion846.1.
However to further reduce the financial risk and provide a spread with easy access and
a good return in the current financial conditions, the Finance Working Group has
investigated the provision of additional financial institutes that will accept Local Authority
deposits.
The Melton Mowbray Building Society Business savings account (Business Easy
Savings account) is an instant access account that is currently paying 0.6% gross
interest and has a branch within Oakham. The Melton Mowbray BS will accept LA
funds.
Recommendation
Up to £85,000 is deposited within a Melton Mowbray Building Society Business savings
account.
