In the Investments Made As At 31 August 2019 report presented to Councillors at yesterday's Ordinary Council meeting Council it was revealed that Council has 100% ($112.00m) invested in Bank Deposits. The Bank Deposits are held in banks rated A or greater, or covered by the AAA rated Government Guarantee, except for $35.25m invested in banks rated below A, and in the ‘some limited risk’ category of the policy. The ‘some limited risk’ category is now restricted to BBB+ rating institutions which allows up to 30% of all investments. Currently there is 31.47% invested in BBB+. Investment in Government Guaranteed Deposits is $1.75m and represents 1.56% of the portfolio. Of interest was the revelation that there was a downgrade to the AMP Bank from A to BBB+ rating by Standard and Poors rating agency and as a result the amount invested in the BBB+ category of the portfolio exceeds the 30% allowed in Council’s investment policy by 1.47%. As a result the AMP Bank will be removed from the portfolio when the current investments mature and this will rebalance the portfolio. There are $51m (45.54%) of funds invested in claimed fossil fuel free institutions. This percentage has increased in line with the total portfolio.
AMP Bank, now downgraded from A to BBB+, will be removed from the Eurobodalla Council portfolio when the current investments mature to rebalance the portfolio