Decision Maker: Leader of the Council (expired), Leader of the Council
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
Purpose:
To
consider the information received from the Council’s banker
(the National Westminster Bank plc) in relation to their obligation
to divest a significant part of their business to a third party
bank, including appropriate actions to minimise disruption whilst
retaining control over decisions regarding the Council’s
financial affairs.
Decision:
That
the following be agreed:
a)
The Director of Regeneration & Communities write
to the National Westminster Bank confirming the Council’s
intention to terminate its banking arrangements by 1st April 2012
and requesting deferral of the proposed divestment.
b)
The Head of Finance & Customer Services
commences a tendering exercise to select an appropriate alternative
banker that meets the Council’s specification.
c)
Officers report back to me if the response from the
National Westminster Bank is not favourable to the course of action
outlined in the urgent report of the Head of Finance and Customer
Service.
Reason Key: Expenditure > £250,000;
Details of the Committee: None
Representations should be made by: Urgent repressentations to the Head of Finance & Customer Services.
Other reasons / organisations consulted
Contact Paul Riley, Head of Finance &
Customer Services
Consultees
Contact: Email: paulriley@maidstone.gov.uk.
Report author: Paul Riley
Publication date: 05/08/2011
Date of decision: 05/08/2011
Decided: 05/08/2011 - Leader of the Council (expired)
Accompanying Documents: