Chamber calls for investment results
The Peninsula Chamber of Commerce has called on Gosford Council to reveal whether it will receive the face value of money invested in overseas CDO funds which are due to mature soon.
Chamber president Mr Matthew Wales said the council should confirm whether or not the investments "can be cashed in by council so that the monies can be re-invested in more secure financial products".
"It is in the public interest that we all know how our investment funds are faring and whether the $55 million in capital has weathered the global financial crisis," Mr Wales said.
"It is timely that it is confirmed now that these products are starting to mature.
"It is our understanding that the first of council's 33 controversial CDOs is due to mature soon.
"Our concern is that $35 million of these funds are developer contributions and funds that are meant to be spent of roads, drainage, community facilities and water and sewer utilities.
"It is understandable that the business community and building industry are concerned that these monies are not lost through poor investment strategies.
"This may affect the timing of future infrastructure works if council has shortfalls in the developer funds.
"It may mean that works will be delayed or possibly result in the axing of some projects."
Press release, 14 Oct 2009
Matthew Wales, Peninsula Chamber of Commerce