New bank account to protect Ottery funds
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.