A seven-member task force comprising Harsh Roongta, Lovaii Navlakhi, Rajendra Kalur, Sadique Neelgund, Suresh Sadagopan, Vishal Dhawan, and Vivek Rege will work on developing a pan-India association of Registered Investment Advisors (RIAs). Currently, there are 782 RIAs signed up with SEBI. Individuals and corporates that hold RIA licenses can be a right part of the association. The not-for-profit association will act as a common voice for all those RIAs in India. The objective of this association is to represent and promote the interest of RIAs among various stakeholders like regulators, associations, fund houses, technology service providers, media, investors, new career aspirants, and to provide thought leadership and professional guidelines to RIAs.

The task push has produced three brands for the association and can soon freeze one of them based on reviews from RIA. The task pressure happens to be along the way of appointing table users for the association. RIA’s who have not participated in the survey should connect through facilitators Network FP or the task force members and obtain the link. The association shall have regular yearly membership as well as life-regular membership options. All members will have similar voting corporates and rights can have two associates signify them in meetings.

However all this means would be that the council has used a gamble which happens to have paid. This might have only made sense if they could have expected the future. But if they could do this, they would have eliminated with (a). I’ll explore this more below within the next point. So without predicting the future you would never have gone for (d).

To labor the point, how do you judge your treasurer? Do you take a look at their ability to predict the near future, and appearance at how things have turned out? Then doing a LOBO was at best slightly better than two terrible alternative options for long-term borrowing. Or do you look at what they did at that time and look at their performance with the info that was available then?

Then the PWLB long or short rates were both similar and the LOBO offer was definitely worse. By the way all this analysis assumes a fairly conservative profit on the initial deal. Most of the research I have seen indicates profits were much larger than this. Imagine a council finance committee meeting that never happened probably.

The treasurer is then told by his councilors that they were seriously worried about the 3rd element of the LOBO. Effectively the council has used with an uninsured risk (that the offers would be broken early, if interest rates rose enough) which is just as dangerous as not insuring their council structures for fire risk.

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They ask the treasurer to find a person who would make sure of them and pay an insurance payment yearly to hide against this risk. It needs to be to protect the next component, and to make the bank’s their profits (which more in a second), and pay all the commissions because of the intermediaries. As we’ve seen the insurance payment in addition to the LOBO would have been more costly than borrowing from the PWLB; the difference being the bank’s profit.

If we use the numbers above the insurance agreement could have cost about £1 million upfront, or 0.66% a yr. The whole deal would have been charging 5.41%; more than the PWLB rate. The treasurer crosses their fingertips and hopes nothing at all bad happens Instead. Let’s now fast forward a couple of years.