Cllr Simmons, Chair of the Scrutiny Committee explained the recommendations. These included:

• Continual monitoring to make sure the social elements agreed in the contact with Barclays are delivered.
• Would like to see challenger banks included in the procurement process in future.

Cllr Turner, Board member for Finance, Asset Management and Public Health responded to the recommendations (attached minute 115).

The Chief Executive said that Barclays scored well on the ethical questionnaire and provided a basic bank account (requirement of the procurement process) to more people than the other banks.

The City Executive Board resolved to AGREE to

1.    Monitor the added social value provided by its new bank.

2.    Revisit the terms and conditions for all tenders to ensure that they fully reflect the Council’s ethical policies.

3.    Continue to monitor which banks other former Co-op customers are switching to, and whether ‘challenger banks’ begin taking on local authority customers. 

To award a five year contract to Barclays PLC