Council supports LGBTQ+ rights, but invests where homosexuality is illegal

As rainbow flags flew celebrating LGBTQ+ equality at Oban Pride, supported by Argyll and Bute Council, reports emerged that the council had invested a total of £155 million since 2017 in the state bank of Qatar, where homosexuality is illegal and punishable by death.

 

LGBT+ stands for lesbian, gay, bisexual and transgender, with the + an inclusive symbol to mean 'and others' to include people of all identities.

 

Argyll's latest Pride parade took place on November 12, when dozens danced down Oban's esplanade, waving banners showing Pride's multi-coloured rainbow symbol, with one carrying Argyll and Bute Council's logo. Councillors awarded this year's Oban Pride £3,800 from Oban Common Good Fund.

 

According to a Guardian investigation, since 2017, 20 UK local councils have been depositing more than £1 billion of taxpayers’ money into accounts at Qatar National Bank (QNB), the state lender in a country where football fans who display rainbow flags at this month's World Cup may have them confiscated 'for their own protection'.

 

By far the largest investor on the Guardian's list of local authorities was Argyll and Bute Council, which had deposited almost £155 million in QNB, over £30 million more than the second-placed council.

 

There is mounting criticism of the human rights record in Qatar, where homosexuality is illegal, women are second-class citizens, and migrant workers have died in their thousands.

 

Argyll and Bute Council confirmed it had invested £155 million in QNB since 2017. A spokesperson added: 'Supporting equality and diversity is important to us. We make secure investments to ensure we raise vital funds for services that support all members of our communities. Many are short term; we are planning to review the £5 million investment we currently have with Qatar National Bank by the end of the year.'

 

The QNB is paying up to 1.94 per cent interest on the council's current £5 million deposit – a useful return as it struggles with funding cuts.

 

The council had £117.4 million invested around the world on June 30 this year, according to its latest financial report in October.

 

£15 million of that investment fund was deposited in the QNB – the maximum limit for any one counterparty, according to a PRC member.

 

The £15 million was split into three £5 million instalments. Two matured on October 21 and November 10, leaving the last £5 million in the QNB, which will mature on December 13. The interest rates were listed as 1.49 per cent, 1.67 per cent, and 1.94 per cent respectively.

 

In total this year, Argyll and Bute Council invested £52.5 million in banks ultimately owned in countries where homosexuality is illegal, including £10 million in the Al Rayan Bank, the UK subsidiary of the Qatar-based Islamic bank Masraf Al Rayan; £15 million in 'FADB', the First Abu Dhabi Bank, the largest bank in the United Arab Emirates; and £12.5 million in the National Bank of Kuwait.

 

Council leader Robin Currie said: 'The council has a proven track record in supporting LGBT+ rights. I understand that officers will be reviewing this particular investment, and I welcome that decision.'