Appendix III – Approved Investment Counterparty List
Perth and Kinross Council · 26 November 2025
Back to Finance and Resources Committee — 26 November 2025 and its agenda
Text extracted from the council's PDF. Layout and reading order may differ from the original.
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APPROVED INVESTMENT COUNTERPARTY LIST APPENDIX III Fitch Credit CDS Maximum Country Rating Range Lending Category 1 - Principal UK Clearing Banks - 40% Investment total (or £20M per Counterparty if higher) (Minimum rating required Fitch A, F1) Bank of Scotland (RFB) (5) UK AA-, F1+ In range 12 months Barclays Bank plc (NRFB) (5) UK A+, F1 No data 6 months Barclays Bank plc (RFB) (5) UK A+, F1 In range 6 months Goldman Sachs International Bank UK A+, F1 In range 6 months Handelsbanken plc UK AA, F1+ No data 12 months HSBC Bank plc (NRFB) UK AA-, F1+ In range 12 months HSBC Bank plc (RFB) UK AA-, F1+ No data 12 months Lloyds Bank Corporate Markets Plc (NRFB) UK AA-, F1+ No data 12 months Lloyds Banking Group plc (RFB) UK AA-, F1+ In range 12 months NatWest Markets Plc (NRFB) UK AA-, F1+ In range 12 months Royal Bank of Scotland plc (RFB) (inc Nat West) UK AA-, F1+ In range 6 months Santander UK plc (inc Cater Allen) UK A+, F1 No data 12 months Standard Chartered Bank UK A+, F1 In range 6 months Category 2 - Foreign Banks & Institutions - 25% Investment total (or £10M per Counterparty if higher) (Minimum rating required Fitch A, F1) Australia and New Zealand (ANZ) Banking Group Ltd Aus AA-, F1+ In range 12 months Commonwealth Bank of Australia Aus AA-, F1+ In range 12 months Macquarie Bank Ltd Aus A+, F1 No data 12 months National Australia Bank Ltd Aus AA-, F1+ In range 12 months Westpac Banking Corporation Aus AA-, F1+ In range 12 months BNP Paribas Fortis Bank Belgium A+, F1 No data 1 month KBC Bank Belgium A+, F1 No data 1 month Bank of Montreal Can AA-, F1+ No data 12 months Bank of Nova Scotia Can AA-, F1+ No data 12 months Canadian Imperial Bank of Commerce Can AA-, F1+ No data 12 months National Bank of Canada Can A+, F1 No data 12 months Royal Bank of Canada Can AA-, F1+ No data 12 months Toronto Dominion Bank Can AA-, F1+ No data 12 months Danske Bank Denmark A+, F1 In range 6 months Nordea Bank Finland plc Finland AA-, F1+ No data 1 month BNP Paribas France A+, F1 In range 1 month Credit Agricole Corporate and Investment Bank France A+, F1 In range 1 month Credit Agricole SA France A+, F1 In range 1 month Credit Industriel et Commercial France A+, F1 No data 1 month DZ Bank AG Germany AA-, F1+ No data 12 months Landesbank Hessen-Thueringen Girozentral (Helaba) Germany A+, F1+ In range 12 months Landwirtschaftliche Rentenbank Germany AAA, F1+ No data 24 months NRW Bank Germany AAA, F1+ No data 24 months ABN AMRO Bank Netherlands A, F1 No data 6 months Bank Nederlandse Germeenten Netherlands AAA, F1+ No data 24 months Cooperatieve Rabobank Netherlands A+, F1 In range 12 Months ING Bank Netherlands AA-, F1+ In range 12 Months DBS Bank Limited Singapore AA-, F1+ No data 12 months United Overseas Bank Ltd Singapore AA-, F1+ No data 12 months Skandinaviska Enskilda Banken AB Sweden AA-, F1+ No data 12 months Svenska Handelsbanken AB Sweden AA, F1+ No data 12 months Swedbank AB Sweden AA-, F1 No data 12 months UBS AG Switzerland A+, F1+ In range 12 months Bank of America, NA USA AA, F1+ No data 12 months Bank of New York Mellon USA AA, F1+ No data 24 months Citibank, NA USA A+, F1 In range 12 months JP Morgan Chase Bank, NA USA AA, F1+ No data 12 months Wells Fargo Bank, NA USA AA-, F1+ In range 12 months
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APPROVED INVESTMENT COUNTERPARTY LIST APPENDIX III Category 3 - Subsidiary Banks & Building Societies - 15% of Investment total (or £10M per Counterparty if higher) (Minimum rating required Fitch A, F1) (parent bank shown in brackets) Subsidiary Banks None Building Societies Nationwide Building Society UK A, F1 No data 6 months Category 4 - Other Local Authorities - 20% of Investment total (or £20M per Counterparty if higher) As arranged With the exclusion of the below: Northamptonshire County Council Budgetary issues Lancashire County Council Regulatory issues Spelthorne Borough Council Commercialism activities London Borough of Croydon Commercialism activities Thurrock Council Excessive short-term exposure/strategy Plymouth City Council Regulatory issues City of Liverpool Council Regulatory issues Wirral Council Budgetary issues London Borough of Bexley Budgetary issues Slough Borough Council Budgetary issues Peterborough City Council Budgetary issues Nottingham City Council Budgetary issues Woking Council Budgetary/debt issues Category 5 Money Market Funds - 10% of Investment Total (or £10M per Counterparty if higher) (Minimum rating required Fitch AAA) Aberdeen Standard Investments UK AAA Aviva Investors Liquidity Fund UK AAA Federated Sterling Liquidity Fund (Class 3) UK AAA Insight Sterling Liquidity Fund (Class 5) UK AAA Deutsche Bank Sterling Fund UK AAA Note: (1) - Standard & Poor's credit ratings shown, as no Fitch credit rating available (2) - All Soveriegn credit ratings for above Countries are AAA, unless stated otherwise. Last Updated: 21-Oct-25(3) - NRFB = Non Ring Fenced Bank, RFB = Ring Fenced Bank