A Chairman and Vice-Chairman have been identified to head up the UK’s first municipal bonds agency as it gears up for launch.
Sir Merrick Cockell, former Chairman of the Local Government Association, will become Chairman of the agency, which will trade under the name Local Capital Finance Company Ltd (LCFC).
Adrian Bell, formerly the Chairman of RBC Europe Limited and now the head of Debt Markets for Canaccord Genuity in London, will be Vice-Chairman.
Cockle and Bell will head up a board which will drive the business forward through its mobilisation phase into full operation.
The remainder of the board will be appointed in the near future.
Cockell says: “This exciting and ambitious venture started two years ago with the LGA’s Rewiring Public Services campaign. I am delighted that, having been so closely involved in its inception, I will now have the opportunity to lead it through to launch and beyond.
“I have long been an enthusiastic supporter of creating a thriving municipal bonds market in the UK. The bonds agency can be a showcase for local government at its innovative best; standing on its own financial feet, asserting its independence and working together to get a better deal for its residents.”
Bell says: “This is a unique opportunity to create significant value for the local authority sector by creating access to funding at very attractive rates in a way that will generate enthusiastic support from investors in the UK and elsewhere."
Michael Lockwood, Executive Director of the LGA, and Director of the LCFC, says: “Securing Sir Merrick and Adrian is a major coup for the agency. They bring a wealth of experience and expertise in local government, business and finance. Having them lead this agency will be crucial to making this a success.”
