Local government finance directors from over 75 organisations convened at the 19th European Local and Regional Government Finance Conference in London. Drawn together set against a difficult back drop for sub-sovereign borrowers across the continent, the conference was characterised by animated discussion and plenty of debate around the financial future for regions, municipalities and provinces.
The conference opened with an overview of European municipal bond markets. Practitioners from across the spectrum guaranteed a varied debate, with speakers from the biggest borrowers in the sector, an investor viewpoint, and analysis from a ratings agency and an intermediary bank.
The rest of the morning saw two excellent workshops by sponsoring bank HSBC, and the European Investment Bank. As the biggest lender to the sector, the presence of the EIB at the conference has always added immeasurably to the value of this event. 2012 was no exception.
A defining theme of the event was the shifting relationship between central and local government and the impact of greater devolution on how regional governments manage their finances. In the second panel particularly, UK local authority representatives stressed the challenges presented by the coalition government’s localism bill, and the frustrations of managing regional finances as central government continues to struggle to define the implications of a new balance of power.
Our final panel focused largely on the growing presence of Local Government Funding Agencies (LGFAs) as a viable funding alternative particularly for smaller local and regional borrowers. With speakers hailing from the longest established agencies such as Kommuninvest in Sweden to those working on new proposals in the UK and France, the panel were bullish that the LGFA is a Scandinavian export with growing reach across Europe.
As ever, the Local and Regional Government Finance Conference provided an invaluable forum for finance officials from across the continent and an unusual opportunity for pan-European knowledge sharing and discussion. A broad range of delegates from Sweden to Slovenia pays testament to the importance of the conference at this challenging time, and we look forward to opening the forum once again in 2013.
Presentations available to download (in order of appearance)
- Keynote Address: Professor Tony Travers, Director, LSE London, London School of Economics
- HSBC Presentation - Available Financing Solutions for Local Governments and Financing Agencies
- European Investment Bank Presentation