Arbitrage
Ken Morris
It was a relief to read a letter (Cambridge News, September 26) which rightly challenged the earlier comments by Waipa District Council’s deputy chief executive, Ken Morris, with regard low risk arbitrage deals involving a $50 million pre-funding deal being ‘a good news story for ratepayers’.
Last week’s correspondent to the News, Peter Clapham, quite rightly asked, ‘But where does the Waipa District Council get authority to speculate with money they have borrowed and (which) ratepayers are liable for potential losses on?’
Mr Morris trumpets the fact that “in the two or three years leading up to Covid, we entered a number of arbitrage arrangements and netted over $1 million gain over that period”. My goodness, enough money for one whole unwanted speed bump.
While Mr Morris is keen to post his council’s successful gambits, there is no mention of those deals that haven’t benefitted ratepayers. And, how much is the council paying Bancorp for such advice? And further, is it true that the council uses ratepayer’s properties as security for these speculative deals?
Kevin Wells
Cambridge
- Waipā deputy chief executive Ken Morris responds: We certainly do not speculate with ratepayers’ money. Arbitrage arrangements are provided for within our Treasury Management Policy which is approved by the council as part of its Long Term Plan. Deals like this are only entered where we are confident that they provide benefit to ratepayers. We rely on the advice of experts, in this case Bancorp, to provide us with guidance on the terms of loans, and to provide us with strategies for managing our current and future debt forecasts. There is no truth to speculation that council uses ratepayers properties for security. We do not own those properties so it is simply not possible.
Great service
I recently suffered a relatively serious medical event. I was attended by two wonderful paramedics who after assessed my condition began treatment on me immediately.
I arrived at accident and emergency at Waikato Hospital and was admitted and treated promptly.
The doctors then explained clearly and concisely what they thought my problems were and was ministered drugs and treatment as required. I received excellent care by nurses of all different nationalities who were all great, respectful and friendly.
Over the next few days I received all the examinations and the investigations that were needed to assess my condition. Before being discharged the doctors clearly in simple terms outlined my condition explained my ongoing treatment and detailed a medication schedule.
I would like to thank all the medical staff involved, the people who gave blood and those wonderful paramedics. It is disappointing to read constant criticism of the health system by some , because my experience of it has been nothing but exceptionally good.
Ian Hancock.
Te Awamutu
Information requests
Earlier this year I sought approval to address the Cambridge Community Board. This week I was advised that an “Official Information” request had been received by council (from an unknown person/organisation) for all correspondence on the topic of my address. Emails of mine are included. I have been asked if I will consent to the release of my emails. This came as a surprise and I am unsure of my legal rights but in future will be far less open with my correspondence.
Murray Reid
Leamington
Editor’s note: The district council is subject to requests under the Local Government Official Information Act. The Act is designed to provide transparency. Waipā District Council has been asked under the Act to provide information relating to reports and correspondence about fluoride and has responded appropriately by informing third parties where emails or correspondence from them are captured in the collection of information. The council has invited those parties if they wish to consent to the release of information and The News is one such party. Quite rightly, the council has not identified who has asked for the information when informing those third parties.
