It has been announced today (22nd January) that the UK’s first municipal bonds agency is to be chaired by Sir Merrick Cockell, our Executive Chairman.
The new agency will trade under the name Local Capital Finance Company Ltd (LCFC).
Adrian Bell, formally the Chairman of RBC Europe Limited and now the head of Debt Markets for Canaccord Genuity in London, will be Vice Chairman.
Sir Merrick and Adrian 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.
Sir Merrick Cockell, said:
“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.