APPENDIX C                                                                                                 

Approved counterparty list

	Minimum credit criteria	Max % of total investments/ £ limit per institution	Max. maturity period
Specified Investments
DMADF – UK Government	N/A	100%	6 months*
Money market funds: CNAV and VNVAV	AAA	100%	Daily Liquidity
Local authorities	N/A	100%/£5m	Up to 1 year
Lloyds Bank plc (the Council’s bankers)	A+	£10m £5m	Overnight deposits Up to 1 year
Term deposits with banks and rated building societies	A+		Up to 1 year
Current and Ex - Government Supported banks	A+	50%	Up to 1 year
Non-specified investments
Loans to Council owned subsidiary companies	n/a	£45m	50 years

* DMO – is the maximum period offered by the Debt Management Office of HM Treasury

Changes from 2025/26

The following categories of counterparty have been deleted because the Council does not use these: unsecured banks, corporates and registered providers. In addition, the option to use pooled funds and Real Estate Investment Trusts has been deleted as the Council has wound these up and does not envisage having funds available to invest for the remainder of its existence.

In practice, for the remaining period of the Council’s existence it is expected that investments will be short-term only (i.e. less than 364 days) primarily as loans to other local authorities, investment in money market funds and cash held overnight with the Council’s bankers.

Given the Council’s abolition from 31 March 2027, the only long-term investments permitted are the existing loans to Knowle Green Estates Ltd and Spelthorne Direct Services Ltd and no new advances can be made given the Statutory Direction to have a strict debt reduction policy.