The report had been requested at short notice after an extraordinary meeting was called for the previous Sunday, in the light of the international credit crisis engulfing world markets.
The report said that "Palerang has a profitable portfolio that would be valued well above cost. Council should not underestimate this result."
With the Rudd federal government having guaranteed bank deposits for three years, the previous day, it was deemed that the only action necessary was to move one investment of $600,000 from LG Financial Services into a Tier 1 investment.
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