E. Investment and Borrowing

15 The Cambridge University Endowment Fund (CUEF)

15.1 The University's Chief Investment Officer is responsible for all CUEF investment management activities. The Chief Investment Officer appoints and monitors external investment managers.

15.2 No Department or trust of the University may invest in any securities or other investments (including land and buildings) without the prior approval of the Finance Committee.

15.3 Acquisition of land is also subject to the Sites and Buildings Regulations (see para 32.1).

16 Investment in the CUEF and Deposit Account

16.1 Surplus funds (only) may be invested in the CUEF and Deposit Account. The Director of Finance is responsible for approving all new and any changes in CUEF holdings. Deposit Account eligibility rules and interest rates are published by the Director of Finance from time to time.

17 Borrowing, Guarantees and Loans

17.1 Departments must not borrow money outside the University.

17.2 No guarantees or letters of comfort may be issued except with the prior written consent of the Director of Finance.

17.3 No Department may make a loan including to staff or (outside the normal course of business) extend credit arrangements without the Director of Finance's prior written consent.