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Local Capital Finance Company
The Local Capital Finance Company is a quango and private company〔http://www.local.gov.uk/finance/-/journal_content/56/10180/3684139/ARTICLE〕 set up to allow local authorities to diversify funding sources and borrow at lower cost, instead of having to borrow via the Public Works Loan Board of the UK Debt Management Office, which in turn is part of HM Treasury. The official reason for the creation of the Local Capital Finance Company is that it increases competition and diversifies funding sources for local authorities, giving them greater independence. The company aims to deliver the larger, more liquid bond issues in response to capital market demand. It also provides a centre of expertise between local authorities and capital markets. On the other hand, there are fears that it is a means by which the British government can pretend that government debt is lower that it actually is.〔http://www.ft.com/cms/s/0/11d28818-a7cf-11e4-97a6-00144feab7de.html#axzz3QmRCloES〕 While all local government debt, whether sourced from the UK Debt Management Office or the open market, is included within measures of government debt,〔http://data.oecd.org/gga/general-government-debt.htm〕 the force of the criticism is that by the nature of sovereign debt, no private issuer can have a lower risk premium that the sovereign issuer for the jurisdiction of the debt issued.
Municipal bond agencies have a proven track record in other countries internationally. In countries such as Sweden and Finland they have arguably improved local government financing.〔http://www.local.gov.uk/documents/10180/11531/MBA+Report+Final.pdf/037bbcf0-e7f5-4f06-946e-98e7e824ce49〕
The Chairman of the LCF is Sir Merrick Cockell, who was previously head of the Local Government Association; its deputy chairman is Adrian Bell,〔http://www.telegraph.co.uk/finance/personalfinance/investing/10616673/Retail-mini-bond-loss-certain-says-broker.html〕 head of Debt Markets UK for Canaccord Genuity in London;,〔http://www.canaccordgenuity.com/en/cm/Our-Company/Fixed-Income/UK-Fixed-Income/〕 its Chief Executive is Aidan Brady, who was previously a Chief Operating Officer at Deutsche Bank, an investment bank〔http://www.wsj.com/articles/u-k-plans-to-form-municipal-bonds-agency-1410130862〕 and its Interim Chief Risk Officer is Markus Krebsz.〔http://www.local.gov.uk/media-releases/-/journal_content/56/10180/6507616/NEWS〕
As of February 2015, nearly 50 local authorities have signed up to the Local Capital Finance Company.〔http://www.ft.com/cms/s/0/941d1c8e-a8b0-11e4-ad01-00144feab7de.html#axzz3RFO5DJ4B〕
==References==
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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