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    Barry a foreign single A rating is just not good enough to invest taxpayers' money in. UK bank deposits, Treasury bills and short gilts are all that local authorities ought to be investing short term cash reserves in. Doesn't anyone remember 1990 when the Highlands and Islands council had every last brass farthing of its reserves in BCCI? No lessons were learned, obviously. In my opinion taking on cross-border exposure is for the private sector and the Dept for Int'l Development. After 25 years in investment banking I have seen it over and over again. No doubt it will happen again until the Government sets up a clearing house to manage local authority cash surpluses and deficits.

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