Decision details

OD/20/105 Banking Contract

Decision Maker: Officer Decision

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

In 2014 the Council, in partnership with other councils in Suffolk appointed Lloyds Bank to provide banking services. This contract was for a period of 7 years (an initial term of 5 year plus 2 years) meaning that it expires on 31st March 2021.

 

An exemption to open procurement applies as the use of a one year contract for banking services allows for collaborative procurement with other councils and Lloyds has been chosen for this short-term contract as given that they are the existing provider it provides the least risk option and is economically in the best interests of the Council.

Decision:

A new 12 month contract is to be entered into with Lloyds Bank to enable a collaborative procurement by the same group of councils as in 2014. The contract value is approximately £30,000.

 

Reason:

The contract expired on 31st March 2021 and a new 12 month contract is to be entered into with Lloyds Bank to enable a collaborative procurement by the same group of councils as in 2014.

Publication date: 07/04/2021

Date of decision: 28/03/2021

Accompanying Documents: