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 , 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 '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
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 follows:-

First Contact Team
Information Commissioner's
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

County Council

Room B31

County Hall


Direct Line: 01603 222170


Information Management Shared Service