Money Market Deposit Services Framework

Tender description

The Northern Ireland Housing Executive (NIHE) invites tenders from competent service providers to be placed on a framework agreement (maximum of 4 service providers) for Money Market Deposit Services •NIHE require the facility to place funds on money market deposit. •The duration of the deposit can vary from overnight to 12 months •Fixed rates for the duration of the deposit are required. •Deposit values in 2009 ranged from £200k to £111m and duration of term deposits ranged from overnight months to 3 months. • No guarantees can be given by NIHE for the value of investments in the future. Tenderers will be required to meet the following minimum Selection Criteria • Tenderers must be authorised and regulated by the Financial Services Authority and quote their FSA registration number. • A minimum financial strength rating is required. Tenderers must provide evidence of their current ratings by Fitch’s, Moody’s,Standard & Poors and DBRS. The lowest rating will determine eligibility. Minimum ratings requirements are as follows:- Short Term Fitch’s F1 Moody’s P-1 Standard & Poors A-1 DBRS R-1 Long Term Fitch’s A- Moody’s A3 Standard & Poors A- DBRS A(low) Where a tenderer is relying on the ratings of a parent, they will be required to confirm that the rating can be applied to their entity and explain the relationship between the parent company and the tendering entity. NIHE do not invest in instruments where there is a risk of the investment value going down. Tenderers are required to confirm that their proposal is based on the return of capital plus interest.