The ACT has reported on the impact of changed banking and market conditions on the treasury activities of large UK corporates following a series of in-depth interviews with members in FTSE 350 companies. Amid the generally gloomy views there was some good news and a few surprises. Well-prepared treasury teams took advantage of the benign markets in 2007 and, if anything, overfunded. Even after the start of the credit crisis it paid to take advantage of any funding windows that appeared. More often than not it does not pay to wait for times to get better, it seems.
