Issue - decisions

Matter for Decision:

The Council’s main bank contract is currently run by HSBC Bank plc. and the initial five-year contract period is due to expire on 31 March 2013. Whilst considering options for extension of this contract, HSBC, in discussions with the Council, has indicated its willingness to freeze the current tariffs for the duration of any extended period. Executive Councillor approval is required to extend this contract for more than one year.

Decision of the Executive Councillor:

The Executive Councillor resolved to:

        i.            Approve the extension of the current Money Transmission contract for a period of three years and to authorise the Director of Resources to conclude the necessary contractual arrangements.   

Reasons for the Decision: As set out in the officer’s report

Any alternative options considered and rejected: As set out in the officer’s report

Scrutiny Considerations:

In response to a question from Councillor Herbert the Director of Resources confirmed that the Council had commissioned an independent review, by Focus on Banking, of the HSBC contract and the current market. The review had concluded that the contract rates were favourable and that the Council should seek to extend the contract for a longer period.

The Scrutiny Committee considered and endorsed the recommendations unanimously.

The Executive Councillor approved the recommendations.

Conflicts of Interest Declared by the Executive Councillor (and any Dispensations Granted):

Not applicable.