Decision details

The Corporate Portfolio Holder presented the report to Members.

He reminded Members that the main banking contract had been awarded last year, however the bank had now made it clear that they wished to leave the local authority banking market. He advised Members that there was a new ESPO contract framework that would assist with the tendering process, but there were not many suitable banks in the market and the Council would be looking for a smooth transition.

Councillor R Blunt asked what problems would be envisaged with moving banks.

Councillor N J Rushton stated that it was hoped that the new bank would come in and pick up where the current bank had left off.

The Head of Finance stated that it was expected the current bank would fully co-operate with the transition and that the Council did have a contingency plan in place. He informed Members that the new contract would be in place in time for the new Council Tax billing run. 

It was moved by Councillor N J Rushton, seconded by Councillor R Blunt and

RESOLVED THAT:

Cabinet

1.    Notes the tender process selected for the banking services contract;

2.    Delegates authority to the Chief Executive, in consultation with the Corporate Portfolio Holder to award the banking services contract.

Reason for decision: The level of potential expenditure exceeds the authority threshold in the Scheme of Delegation.