Council Praised for Icelandic Banks Reaction
Following the collapse of the two Icelandic banks that it had investments with, the Council requested that Central Government visit to ensure the authority had acted effectively in reacting to the issues raised.
The Government sent in the Rapid Response Team, made up of local government finance experts - to report on how the authority had dealt with the situation.
The team spent the day at East Staffordshire Borough Council looking at financial information, how the authority operates and performs and concluded that East Staffordshire Borough Council had responded well to the potential issues, ensuring the provision of services would not be affected.
The Central Government team added that they believed the actions taken by the authority would mean that there would be no adverse impact on the delivery of its community plans.
The team even took onboard areas of good practice and ideas developed by the Council to share with other local authorities with whom had dealings with Icelandic Banks.
Councillor Richard Grosvenor, Deputy Leader for Corporate Services, who met with the Rapid Responses Team said: "Of course we were confident all along that our finance team had done everything by the book and done everything in their power to mitigate any issues caused by the collapse of the Icelandic banks.
"However, it is always nice to have those beliefs confirmed, particularly by unbiased experts from outside the authority who can give an honest opinion on our actions, which is why we invited the Rapid Response Team into the Council."
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