Decision details

Bank Tender - Delegated Authority to Award Contract

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To Consider the report for of the Head of Finance seeking delegated authority to award the contracts for general banking and merchant acquiring following a joint procurement exercise.

Decision:

Delegate authority to the Chief Financial Officer to award the bank contract to the preferred bidder for both general banking and merchant acquiring.

Reasons for the decision:

This report is being brought forward to Cabinet to allow for the decision making of the joint procurement with five other local authorities to proceed and ensure that the project to change banks can be implemented in time for the contract expiry date of 21 September 2014.

Alternative options considered:

The Council has no alternative but to change banks as the Co-op is withdrawing from the Local Authority banking market.  The current contract expires on 21 September 2014.  Without delegated powers being approved for the CFO the contract award would be delayed with the risk that the Council would be without a bank or that less favourable terms may be agreed due to time pressure.

Other Relevant Matters Concerning the Decision:

None

Report author: Mike Chilcott

Publication date: 15/04/2014

Date of decision: 15/04/2014

Decided at meeting: 15/04/2014 - Cabinet

Effective from: 26/04/2014

Accompanying Documents: