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In the early 1980s a number of local authorities began to use interest rate swaps in order to hedge their exposure to interest rate fluctuations in relation to their borrowing. Interest rate swaps were still a relatively new commercial innovation at the time. Following the volatility of global interest rates in the 1970s, interest rate swaps became an increasingly popular way for borrowers to manage the risk of future volatility affecting their payment obligations. Although most of the subsequent reporting focused upon a few local authorities who were less circumspect, it appears that in the majority of cases local authorities used interest rate swaps in a prudent and measured manner as part of their financial management function.