Impact of Libor on council taxpayer finances

The request was successful.

Dear Norfolk County Council,

On 30 July a request was made entitled "Impact of Libor on council taxpayer finances". You replied on 5 August but the message was encrypted and therefore although it is public information nobody but the original requester could see your answer.

Under the FoI Act would you please provide a copy of the answer that you gave to the above request that was made on 30 July entitled "Impact of Libor on council taxpayer finances".

Yours faithfully,

mr j garlits

Information Management, Norfolk County Council

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Dear Mr Garlits,


Below is a copy of the response sent on the 5 August 2013.


Kind Regards






Freedom of Information Act 2000

Dear Mr Benjamin,

I am writing to confirm that Norfolk County Council has now completed its
search for the information you requested in your correspondence received
on 30 July 2013. In accordance with the provisions of the Freedom of
Information Act 2000, I have now processed your request.


Your Request:


Please provide copies of: Treasury Management/ Legal/ Accountancy

and Financial advice and opinion provided to Norfolk County Council

(including council minutes) in relation to:


1. The scale of actual or potential LIBOR manipulation undertaken by UK,
EU and global banks, to which the Council has financial exposure.


2. The actual, or potential impact of LIBOR manipulation upon Council
managed investments, savings, pension funds, interest rate swaps,
derivatives, and other interest hedging products pegged to the LIBOR rate.


3. DCLG, Treasury or Government advice on the scale of LIBOR manipulation,
its actual or potential impact to local government, and options for legal
recourse to recover lost taxpayer funds.


4. Minutes of relevant council meetings where LIBOR and Norfolk's response
to LIBOR market manipulation was discussed. 


Our Response:


Norfolk County Council’s treasury operations and Pensions Fund do not and
have not historically invested in any products where the return is
directly linked to LIBOR.


The Pension Fund does not have any fee arrangements where manager
remuneration is linked to a LIBOR return.


Therefore the questions are not applicable to Norfolk County Council.

If you are dissatisfied with our handling of your request you have the
right of appeal through the Council's internal complaints procedure by
setting out the grounds of your appeal in writing to:

The Compliments and Complaints Manager
Norwich NR1 2BR
E-mail: [email address]

An appeal should be submitted within 40 working days of the date of this
notice and should be identified as "FOI Appeal".

If you are dissatisfied after pursuing the complaints procedure, you may
apply to the Information Commissioner under Section 50 of the Act for a
decision whether your request for information has been dealt with in
accordance with the requirements of Part I of the Act. Contact details as

First Contact Team
Information Commissioner's Office
Wycliffe House
Water Lane
Cheshire SK9 5AF
E-mail: [email address]


This response will be published without identifying any personal data on
the Norfolk County Council Freedom of Information website


Yours Sincerely,





Sharon Revell

Information Compliance Officer

Norfolk County Council

Room B31

County Hall



Direct Line: 01603 222170


Information Management Shared Service



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