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£24.6m in investments held by East Lindsey District Council

By Louth Target  |  Posted: September 24, 2012

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THE latest tot-up at East Lindsey District Council has revealed that the authority currently has £24.65m tucked away in various investment accounts.

The biggest holdings were with the NatWest Bank (£4.99m) and the Zurich-based UBS Bank (£4.6m).

According to ELDC's latest performance report, it also has accounts with the Lloyds Banking Group, Barclays Bank and the Nationwide Building Society.

However, since the document was published, it has shifted £5m to a fund managed by Church Charities Local Authorities Investment Management Ltd.

There have often been calls by the opposition groups for the district council to spend some of its spare cash on job-creating regeneration projects.

However, the controlling Conservative group has always preferred the option of using the interest from its accrued holdings in order to hold down increases in council tax.

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