1.Please provide a breakdown of local authority funds that have been stored with Qatar National Bank (QNB) since 1 January 2017.
None. Qatar National Bank is not on our approved counterparty list, and has not been at any point since 1 January 2017.
2. Please provide the quantum of the funds invested with QNB and the interest rate earned.
Zero.
3. Please provide the latest list of approved countries for local authority funds to be invested in.
Countries outside the UK must have an AAA sovereign rating from each of the three major credit rating agencies for banks to be included in our approved counterparty list. This would include Australia, Sweden, Singapore, Denmark, Germany, Switzerland, Norway and the Netherlands. Individual banks would also need to meet the credit rating criteria set out in the Council’s Treasury Management Strategy before being considered for inclusion in the approved counterparty list.