T1246 - Money Market Deposit Services Framework

Tender description

Sources of income for the Housing Executive are primarily rents from tenants of its almost 90,000 homes and deficit grant. At times during the year, income from rent exceeds expenditure, thereby creating temporary surplus funds. In-line with good stewardship practices, the Housing Executive places such excess funds on the Money Market for periods usually not exceeding 30 days. The Northern Ireland Housing Executive (the Housing Executive) wants to put in place a Framework agreement for a maximum of six service providers for the provision of money market deposit facilities. This service must include: • The facility to place funds on money market deposit. • The duration of the deposit can vary from overnight to 12 months but tends to be up to 30 days • Fixed rates for the duration of the deposit are required. • Any investment proposed must be based on return of all capital invested plus interest. • In 2013/14 there were approximately 300 deposits totally £1,500 million No guarantees can be given for the value of investments in the future. • Please note the Housing Executive will not pay any transaction fees for the provision of this service.