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Camden New Journal - by PAUL KEILTHY
Published: 9 August 2007
 
£13m Town Hall loan that broke the rules

TOWN Hall finance chiefs have changed their lending rules after admitting making a loan of £13 million of council cash by mistake.
Accountants acknowledged the error in the treasury management annual report, using book-keeping language: “The internal long-term limits for long-term lending were inadvertently breached”.
Officials lending cash as part of the council’s £2 billion investment portfolio overstepped limits by investing in two banks, tying up council cash until 2010. In future, two officials will veto such loans.
The council’s overall debt fell to £225 million, the report also disclosed.

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