by Michael Blake, Group Treasury – Corporate Finance, Transport for London
The treasury department at Transport for London (TfL) consists of a team of ten people working under the Group Treasurer. It is a fully centralised department responsible for the group’s banking arrangements, investments, debt activities and risk management associated with these areas.
In 2008 TfL received government approval to enter into derivative instruments for the purposes of risk mitigation (Section 49 TfL Act 2008). This was a landmark agreement as no other local authority has the power to do this. As such, the development and implementation of the derivatives programme was closely scrutinised not only by its executive management team, but also by the following external bodies: the TfL Board, chaired by the Mayor of London Boris Johnson, its auditors, the Greater London Authority, the Department for Transport and Her Majesty’s Treasury.
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