Policy & Resources Cabinet Member – Minutes – 13 August 2013

The corresponding report of the following item (Minute 80refers) contains exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972 (as amended).

80        (20) OFFER TO PURCHASE LANDSBANKI CLAIMS – The Director of Policy and Resources submitted a report to inform the Cabinet Member of developments in the recovery of Icelandic investments, and sought a decision on whether to engage in negotiations to sell the outstanding claim that the authority had with the Icelandic Bank Landsbanki.

The decision was urgent as the authority acted collectively with other local authorities to achieve the best return on our investment. The deadline for notifying our intention had passed, and negotiations for sale had started.

Details of the proposal were outlined within the report.

Resolved – That the Director of Policy and Resources be authorised to negotiate the sale of the council’s Landsbanki claims at the amount identified in paragraph 8.1 of the report, acting collectively with other local authority creditors.

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Where there is no report this is because it is exempt, as it contains information which is considered to be of a confidential nature, as detailed in the Local Government (Access to Information) Act.