Investment in Qatar National Bank

Dear Rob Davies,

Freedom of Information, Oxford City Council – Reference: 11443

Thank you for your email.  Your request was received on 7th September 2022 and you will be sent a response within 20 working days (of receipt) in accordance with the Freedom of Information Act 2000, subject to the information not being exempt or containing reference to a third party.

Due to an unprecedented volume of Freedom of Information Requests currently, it is likely that some requests may go beyond the 20 working days. We are working as hard as possible to respond in a timely manner, but we feel it is better to keep requestors informed in advance.

Yours sincerely

Freedom of Information Officer

| Freedom of Information Team | Law & Governance | Oxford City Council | St Aldates Chambers | St Aldates | Oxford | OX1 1DS |

For any Data Protection queries please send the email directly to the [email address] mailbox

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Dear Rob Davies,

Re: Freedom of Information Request, Oxford City Council – Reference: 11443

Further to the acknowledgement below, I can respond to your Freedom of
Information Act 2000 request received on 7th September 2022 as follows:

Your Request:

A breakdown of local authority funds that have been stored with Qatar
National Bank (QNB) since 1 January 2017.

The quantum of the funds invested with QNB and the interest rate earned.

The latest list of approved countries for local authority funds to be
invested in.

Our Response:

A breakdown of local authority funds that have been stored with Qatar
National Bank (QNB) since 1 January 2017. – We have not invested any local
authority funds with Qatar National Bank during the period from 1 January
2017 to date.

The quantum of the funds invested with QNB and the interest rate earned. –
N/A

The latest list of approved countries for local authority funds to be
invested in. – Our Treasury advisors do approve the use of countries
outside of the UK for investment of local authority funds, but, given the
current economic climate, all investments are currently in UK
institutions.  It is part of our current Treasury strategy that we will
only invest in UK banks, despite such investments being deemed appropriate
by our financial advisors.

If you disagree with any part of the response to your request, you are
entitled to ask the Council for an internal review of the decision(s)
made.  You may do this by writing to the Monitoring Officer, by either
email – [1][email address] – or by post to Monitoring Officer, Oxford
City Council, St Aldate’s Chambers, St Aldate’s, Oxford, OX1 1DS.  After
the result of the internal review, if you remain dissatisfied, you may ask
the Information Commissioner to intervene on your behalf.  You may do this
by writing to the Information Commissioner's Office, Wycliffe Lane,
Wilmslow, Cheshire, SK9 5AF.

Yours sincerely,

Freedom of Information Officer

Freedom of Information Team | Law and Governance | SAC 3.8 | Oxford City
Council | St Aldates Chambers | 109-113 St. Aldate's | Oxford | OX1 1DS 

Website: [2]www.oxford.gov.uk | Follow us on Twitter:
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