Management Information Sheet
Media attention re the ratings downgrade of the Co-operative Bank
The Council's corporate banker, the Co-operative Bank plc (Co-op Bank) is measured by two credit rating agencies, Moody's and Fitch. On May 10th Moody's reduced the Co-op Bank's credit rating to below investment grade as the Bank attempts to strengthen it's balance sheet.
This news preceded the resignation of chief executive, Barry Tootell, following the bank's failure to buy 630 branches from Lloyds Banking Group.
All County Council monies (including that held in school accounts) held with the Co-op Bank are for account operation purposes only - i.e. the processing of receipts and payments. The County Council's Investment Strategy does not allow the Council to invest monies with the Co-op Bank.
Any credit balance held on the school's Co-op Bank account is aggregated and invested elsewhere on your behalf.
The County Council cash balances are invested in high quality UK banks, building societies and government deposit facilities in accordance with the Investment Strategy approved annually by the County Council.
We will continue to monitor developments and update accordingly.