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Legislative Assembly for the ACT: 1999 Week 3 Hansard (25 March) . . Page.. 931 ..
Ms Carnell: The answer to the member's question is as follows:
(1) In 1995 a review was undertaken by Bankers Trust Australia Limited (BTAL) specifically to review the management of the ACT's investments, borrowings and debt portfolio. In particular, the consultant was asked to report on:
- the effectiveness of the current strategic decision-making, dealing, administration and reporting in the Capital Markets Section;
- whether any or all functions could be more effectively performed by external managers;
- the appropriate method of selection and subsequent supervision of external contractors:
- for those functions which are to remain in-house, improvements to the effectiveness of the Section's staffing and organisational structure, recording, reporting, supervision (including appointment of an external advisory or management board) and systems; and
- appropriateness of maintaining the ACT Borrowing and Investment Trust Account within the Public Account, or the development of legislation to create an arms-length central borrowing authority.
Whilst a review of the arbitrage program was not included in the specific terms of reference, the program was addressed in the review under the section of 'Risk Management Policies'.
a) The report cost a total of $29,709.
b) The review was undertaken by Bankers Trust Australia Limited (BTAL). The consultants involved were Mr Joe Duggan Vice President, Risk Management Advisory Unit), Mr Damian Saw (Analyst, Risk Management Advisory Unit), and Mr Justin Myatt (Analyst, Risk Management Advisory Unit).
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