Issue - meetings

To seek approval for a new banking contract.

PURPOSE

1.    To update Members on progress made towards the agreement of a new banking contract and to secure banking services for the next 3 years in line with value for money requirements.

2.    To seek approval of a new contract with the Council’s existing bankers for the period 1 January 2022 to 31 December 2024.

REASON FOR DECISION

To update Members on market testing the cost of the Council’s banking facilities, negotiations in reducing banking costs and to recommend the approval of a further 3 year contract with HSBC UK.

DECISION

The Executive RESOLVED to:

a)    note the report,

b)    waive standing orders SOC 15 and SOC 16 – requiring quotations and tenders to be invited, and

c)    approve the awarding of a further 3-year contract for the Council’s banking services as set out in the report.