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Council's Investments Prudent

Posted by Cam on Monday, September 17, 2007 (PST)

Responding to claims by a development industry lobby group, NSW Urban Taskforce, I would like to reassured rate-payers that Council’s investments are prudent.

Responding to claims by a development industry lobby group, NSW Urban Taskforce, I would like to reassured rate-payers that Council’s investments are prudent.

There has been some discussion about a particular class of investment product known as collateralised debt obligations or CDO.

Council does not own the investment products hardest hit by the problems in the US sub-prime mortgage market.

All of the CDO products Council has invested in are currently performing above 7.6 percent, which is 40% over the benchmark for Council investments.

Council has around $75 million in investments at the moment, and all of them comply with the very strict requirements of the Department of Local Government.

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