New bank account to protect Ottery funds

PUBLISHED: 14:03 24 October 2008 | UPDATED: 11:26 17 June 2010

OTTERY St Mary Town Council will open a new bank account as a 'diversification of risk' to protect town funds amidst the credit crunch.

OTTERY St Mary Town Council will open a new bank account as a "diversification of risk" to protect town funds amidst the credit crunch.

Councillors agreed to begin taking steps to opening an account with Natwest in a bid to spread a proportion of council funds, which are currently held in a single Barclays account.

Council treasurer Paul Lewis said: "Undoubtedly the government stepping in for the banks has helped a lot. The concern is that position may not continue, we are not out of the woods. I have not been chasing (interest) rates with this money but am more concerned with the underlying security of banks.

Most Read

Most Read

Latest from the Sidmouth Herald

Hot Jobs

Show Job Lists