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Posted by: John Brace | 3rd March 2015

Labour run Liverpool City Region Combined Authority has £166,120,000 invested in banks despite Labour councillor comparing bankers to "train robbers"

Labour run Liverpool City Region Combined Authority has £166,120,000 invested in banks despite Labour councillor comparing bankers to “train robbers”

                                                              

Councillor Phil Davies (Chair of the Liverpool City Region Combined Authority) at a recent meeting 13th February 2015

Councillor Phil Davies (Chair of the Liverpool City Region Combined Authority) at a recent meeting 13th February 2015

Liverpool City Region Combined Authority Investment List

Borrower Principal (£) Interest Rate Start Date Maturity Date Lowest Long
Term Rating
Historic Risk
of Default
National Westminster Bank 4,050,000 0.50% Call BBB+ 0.001%
Bank of Scotland PLC 10,935,000 0.60% Call A 0.000%
Barclays Bank PLC 30,126,000 0.25% Call A 0.000%
Barclays Bank PLC 10,009,000 1.25% Call A 0.000%
Bank of Scotland PLC 5,000,000 1.10% 07/01/2014 06/01/2015 A 0.001%
Treasury Bill 10,000,000 0.47% 14/07/2014 12/01/2015 AA+ 0.001%
Santander UK PLC 5,000,000 0.72% 01/08/2014 26/02/2015 A 0.014%
Barclays Bank PLC 20,000,000 0.89% 07/03/2014 05/03/2015 A 0.015%
Birmingham City Council 5,000,000 0.52% 08/09/2014 09/03/2015 AA+ 0.003%
Bank of Scotland PLC 4,000,000 0.65% 12/12/2014 12/03/2015 A 0.017%
Santander UK PLC 5,000,000 0.72% 01/08/2014 19/03/2015 A 0.019%
Bank of Scotland PLC 10,000,000 0.82% 14/08/2014 26/03/2015 A 0.020%
Santander UK PLC 5,000,000 0.73% 31/07/2014 26/03/2015 A 0.020%
PCC for Greater Manchester 5,000,000 0.45% 29/12/2014 30/03/2015 AA+ 0.004%
Midlothian Council 5,000,000 0.48% 29/12/2014 30/03/2015 AA+ 0.004%
Lloyds Bank PLC 7,000,000 0.80% 28/11/2014 29/05/2015 A 0.035%
Treasury Bill 10,000,000 0.47% 01/12/2014 01/06/2015 AA+ 0.007%
Bank of Scotland PLC 10,000,000 1.08% 14/08/2014 13/08/2015 A 0.053%
Bank of Scotland PLC 10,000,000 1.08% 18/08/2014 17/08/2015 A 0.054%
Lloyds Bank PLC 10,000,000 1.15% 31/10/2014 01/10/2015 A 0.065%
Nationwide Building Society 10,000,000 0.98% 17/10/2014 16/10/2015 A 0.069%
Bank of Scotland PLC 10,000,000 1.15% 07/11/2014 06/11/2015 A 0.074%
Total Investments £201,120,000 0.75% 0.022%

Above is a table of the £201,120,000 the Liverpool City Region Combined Authority had invested. It’s part of Capita Treasury Solutions’ December 2014 “Monthly Investment Analysis Review” for the Liverpool City Region Combined Authority which is part of the papers for a meeting of the Liverpool City Region Combined Authority Audit Committee and accompanies this report.

Recently there was much press coverage about the Supreme Court decision not to overturn a government decision on how much European money should be given to Merseyside following a court case. In fact this Liverpool Echo article is sub headlined “Row after Government diverted funding from northern England to Scotland and Ireland”.

Yet with a £5 million loan to Midlothian Council in Scotland is Liverpool City Region Combined Authority diverting funding from northern England to Scotland. The three purposes of the Liverpool City Region Combined Authority are transport, economic development and regeneration. A £5 million loan from the Liverpool City Region Combined Authority to the Office of the Police and Crime Commissioner for Manchester doesn’t fall within any of these categories either. Labour controlled Birmingham City Council also received a £5 million loan from the Liverpool City Region Combined Authority.

A total of £166,120,000 was invested by the Liverpool City Region Combined Authority with various banks. You can hear what Labour Councillor Ron Abbey had to say on the subject of banks at the last Council meeting of Wirral Council below:

He said, “Thank you Mr. Mayor. I wasn’t going to speak but Councillor Green raised an issue that I think needs to be answered when he made the quote “mates’ rates”. Well I’ll remind him what “mates’ rates” is kindly identified by Cllr Gilchrist’s party.

“Mates’ rates” are the sell off of the Royal Mail which cost this country and the taxpayers of Wirral billions of pounds in lost money and so on. The sell off of the East Coast main line, which is now in public ownership, it’s in public for the first time in many years after private ownership, it’s in public ownership they’re now selling that off at mates’ rates according to the figures.

Also can I remind mates’ rates around trying to sell off the Royal Bank of Scotland and the debt that is owed to this country, approximately £70 billion is owed to this country by the banks that they’re trying to sell off?

Also to remind them of mates’ rates behind the avoidance of business tax by their mates having offshore Switzerland bank accounts by the bankers and the banker’s bonuses which will account for billions of pounds this year that is taxpayer’s money because (drowned out by heckling).

Also these mates’ rates only go one way! They go back to the Tory Party via the mates’ rates of lending them money to fund their campaigns, their General Election over £15 million of the mates’ rates provided by the hedge fund bankers, the bankers of this country and other people of that like, of that ilk, who took money out of this country on a grand scale that the train robbers would never have even dreamed of and this is what we have to recognise, the money that is taken away from the people of this country and given to the few that don’t deserve it!”

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Responses

  1. G’day John

    Just half listening to the news and they are talking of Morecombe.

    Does it sound familiar “Open and honest” “Lessons to learn”.

    Does the public sector have courses on this bullshit for people like “The Dunny Chain Wearer” and “The Football Shirt” and Phil the Dill”?

    “The Shyster” doesn’t need a course to say keep your gob shut “Chamber Potty” and the rest of you.

    Labour run Liverpool City Region Combined Authority has £166,120,000 invested in banks despite Labour councillor comparing bankers to “train robbers”

    Well John I would compare some at Wirral to lying sewer rats.

    How dare “He who can talk for twenty minutes without breathing or saying anything” lie to “Highbrow” and in front of me?

    How dare “The Pretend Friend” support “Highbrow” to £50,000 + and then stab him in the back?

    “The Football Shit” standing in public saying it is not our money and the simple contract was to complicated.

    Lets talk Wirralgate and “Phil the Dill” “His Ugly Twin Brother” and “The Dunny Chain Wearer”.

    Can’t be bothered John you know know who heard what and who lied.

    When is a lie not a lie???????

    They are a disgrace to their families, friends and the people who tried to educate them.

    Why would anyone vote for them?

    Or employ them?

    Ooroo

    James

    Ps Good luck Ecca you don’t stand a chance………..

  2. John,
    Perhaps the question should not be where the Authority has deposited its cash.
    Should we not be asking where all this cash came from as the Authority is supposed to be short of money?:
    John Mc


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