Decision details

RESOLVED:

That Cabinet agrees that the contract is awarded to HSBC Bank Plc for a period of 3 years with an option to extend for a further 2 years.

Reasons for decision

Cabinet noted that back in April 2005, the Council contracted with HSBC for the provision of banking services for a period of three years with the option to extend for a further two years.  The option to extend the contract for two years was taken, effective from 1st April 2008 and the current contract was due to expire on 31st March 2010. 

Cabinet considered the tendering process and results and decided whom the new contract should be awarded to for the provision of money transmission and BACS services.

Alternative options considered and rejected

Not to appoint a banking services supplier was considered as not an option by the Cabinet. Cabinet could have awarded the contract to one of the lower scoring suppliers as identified in the tendering process.

Officer to action:

Annette Reeves, Finance and Resources

Exempt Information

This report was included in Part II as it contained information relating to the financial or business affairs of any particular person (including the Authority holding that information) and the public interest in withholding the information outweighed the public interest in disclosing it (exempt information under paragraph 3 of Part 1 of Schedule 12A to the Local Government (Access to Information) Act 1985 as amended.