Liquid assets (cash) by Scottish water

Under the Freedom of Information Act, we have up to 20 working days to
reply to your request for information. We endeavour to provide a full
response before this timescale.

Regards

FOI Team
<http://www.scottishwater.co.uk/portal/pa...>
<http://www.scottishwater.co.uk/portal/pa...>

Privileged/Confidential information may be contained in this Email and any files transmitted with it. If you are not the intended recipient you should not retain, copy or use this Email for any purpose or disclose all or part of its contents to any person. If you have received this Email in error please notify the postmaster and sender immediately and delete this Email from your system.

Opinions, conclusions and other information in this message that do not relate to the official business of Scottish Water ("SW") and / or Scottish Water Solutions Ltd ("SWS") shall be understood as neither given nor endorsed by them. The contents of Emails sent and received by SW and SWS are monitored.

WARNING: Although SW and SWS have taken reasonable precautions to ensure no viruses or other malicious software are present, SW and SWS cannot accept responsibility for any loss or damage arising from the use of this Email or attachments however caused. The recipient should therefore check this Email and any attachments for the presence of viruses or other malicious software.

Scottish Water
www.scottishwater.co.uk
www.scottishwatersolutions.co.uk
[email address]

Our Reference: 2788000/RD

Dear Mr Ovens,

This e-mail is in response to your request for information which was received on 23 October.

This answer is for Scottish Water only excluding subsidiary companies.

Scottish Water has obtained approval from the Scottish Government to deposit surplus funds with a small number of UK based banks. The counterparty criteria has been established based on the credit rating for these banks from 2 credit rating agencies.

Scottish Water may on occasion have surplus funds due to the timing demands associated with working capital requirements. Scottish Water only borrows from the Scottish Government and does not draw down new borrowings in advance of need.

The cash balance at 31 March 2009, as per our published accounts, was £15.9m. This balance was held overnight in Scottish Water's current account with its retail bank, Bank of Scotland.

The bank balance at 30 September 2009 was £17.8m. £10m had been deposited with HSBC bank, £3m was deposited with Clydesdale Bank and the balance was held in the current account with Bank of Scotland.

Total interest received from deposits with external banks and Bank of Scotland for 2008/09 financial year was £853,000. Total interest received from 1 April 2009 to 30 September 2009 is £82,000.

Yours sincerely,

Richard Duncan
Support Administrator
Complaints Management Unit
Scottish Water

show quoted sections

Under the Freedom of Information Act, we have up to 20 working days to
reply to your request for information. We endeavour to provide a full
response before this timescale.

Regards

FOI Team
<http://www.scottishwater.co.uk/portal/pa...>
<http://www.scottishwater.co.uk/portal/pa...>

Privileged/Confidential information may be contained in this Email and any files transmitted with it. If you are not the intended recipient you should not retain, copy or use this Email for any purpose or disclose all or part of its contents to any person. If you have received this Email in error please notify the postmaster and sender immediately and delete this Email from your system.

Opinions, conclusions and other information in this message that do not relate to the official business of Scottish Water ("SW") and / or Scottish Water Solutions Ltd ("SWS") shall be understood as neither given nor endorsed by them. The contents of Emails sent and received by SW and SWS are monitored.

WARNING: Although SW and SWS have taken reasonable precautions to ensure no viruses or other malicious software are present, SW and SWS cannot accept responsibility for any loss or damage arising from the use of this Email or attachments however caused. The recipient should therefore check this Email and any attachments for the presence of viruses or other malicious software.

Scottish Water
www.scottishwater.co.uk
www.scottishwatersolutions.co.uk
[email address]

Dear Mr Ovens,

Thank you for your e-mail of 3 November.

Any interest received on surplus cash balances held by Scottish Water benefits our customers. The income is used to help fund the running of Scottish Water and the delivery of investment programmes throughout Scotland.

Yours sincerely,

Richard Duncan
Support Administrator
Complaint Management Unit
Scottish Water

show quoted sections