Award

GB-Sheffield: IFRS9 ECL & Claims Model Framework

BRITISH BUSINESS BANK PLC

This public procurement record has 1 release in its history.

Award

01 Feb 2022 at 15:50

Award Notice
Summary of the contracting process

The British Business Bank Plc is currently in the award stage of a procurement process for the contract titled "GB-Sheffield: IFRS9 ECL & Claims Model Framework". This contract, classified under financial consultancy services, is located in Sheffield, UK. The contract was awarded on 19 November 2020 and has a total value of £10,000,000, valid from 20 November 2020 until 31 January 2022. The procurement method used was not specified; however, the circumstances allowed for direct negotiation without the traditional competitive tendering process due to the urgent needs arising from the COVID-19 pandemic.

This tender presents significant opportunities for businesses, especially in financial consultancy and modelling services, to grow by engaging with public sector contracts. Companies experienced in developing and operating financial models, particularly those familiar with IFRS standards, would be well-suited to compete in similar future tenders. The urgent need to manage credit risks associated with business interruption loan schemes further enhances the relevance of this contract, as firms capable of delivering rapid and effective financial solutions will be highly sought after.

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Notice Information

Notice Title

GB-Sheffield: IFRS9 ECL & Claims Model Framework

Notice Description

At short notice in March 2020, British Business Bank and, in particular, British Business Financial Services Limited ("BBFSL") was designated by the Secretary of State for the Department of Business, Energy and Industrial Strategy ("SoS") and HM Treasury as the body responsible for administering various business interruption loan schemes in order to respond to the impact of the COVID-19 pandemic. Those schemes include the Coronavirus Business Interruption Loan Scheme ("CBILS"), the Coronavirus Large Business Interruption Loan Scheme ("CLBILS"), and the Bounce Back Loan Scheme ("BBLS"). Shortly after the launch of these schemes, the SoS and HM Treasury required certain information and financial forecasts in respect of the various schemes. This required BBFSL, acting on behalf of the SoS and HM Treasury, to procure at extremely short notice a supplier capable of developing and operating a model required to calculate: *expected credit losses for IFRS9 purposes; *fair values for IFRS9 and IFRS 13 purposes; and *expected future claim amounts over the remaining life of each of the schemes. There was not enough time to carry out a competitive procurement in accordance with the Public Contracts Regulations 2015, but BBB concluded that regulation 32(2)(c) permitted it to negotiate directly with potential suppliers without first publishing a contract notice. A short list of potential suppliers was drawn up and BBFSL issued a Statement of Requirements as part of a competitive procurement process on 11 August 2020. Following the evaluation of proposals, 4most was awarded a Framework agreement for the purposes of designing, building, testing and operating an IFRS9 solution and claims model. Under the Framework, BBFSL has the ability to Call - off contracts relating to (a) the design, build and testing of models relating to loan schemes, and (b) the operation of those models. Additional information: BBFSL was required to provide uninterrupted financial support to businesses impacted by restrictions in response to the management of the COVID-19 pandemic. In order to provide that support, BBFSL needed to be able to measure the credit risk of borrowers and needed to be able to comply with certain financial reporting obligations. Therefore, there was an extremely urgent requirement to procure a supplier capable of designing, building and operating a model capable of calculating (a) ECLs in line with IFRS 9 and IFRS 13 requirements, (b) fair values for IFRS9 and IFRS 13 purposes, and (c) expected future claim amounts under loan schemes administered on behalf of the SoS and HM Treasury. Regulation 32(2)(c) of the Public Contracts Regulations 2015 applied for the following reasons: *BBB was reacting to a current situation that was a genuine emergency. *The need for extreme urgency has been caused by unforeseeable events. The COVID-19 situation is so novel that the impact of measures to curb the spread of and the increase in the number infections could not have been predicted. *Having regard to the time it would have taken to prepare for and carry out a procurement in compliance with the Public Contracts Regulations 2015, it was impossible to comply with the usual timescales without jeopardising the roll out of the schemes. *BBB acted promptly in responding to a current situation of extreme urgency and proceeded to make the direct award without delay.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-e03a9069-de48-4983-b77c-bd1aa579bf59
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/9bf38ac7-d59a-46bb-97ca-b1f962753f67
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Framework
Procurement Category
Services
Procurement Method
Not Specified
Procurement Method Details
Not specified
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66171000 - Financial consultancy services

Notice Value(s)

Tender Value
£10,000,000 £10M-£100M
Lots Value
Not specified
Awards Value
£10,000,000 £10M-£100M
Contracts Value
Not specified

Notice Dates

Publication Date
1 Feb 20224 years ago
Submission Deadline
19 Nov 2020Expired
Future Notice Date
Not specified
Award Date
19 Nov 20205 years ago
Contract Period
20 Nov 2020 - 31 Jan 2022 1-2 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
BRITISH BUSINESS BANK PLC
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
SHEFFIELD
Postcode
S1 2GQ
Post Town
Sheffield
Country
England
Major Region (ITL 1)
TLE Yorkshire and The Humber
Basic Region (ITL 2)
TLE3 South Yorkshire
Small Region (ITL 3)
TLE32 Sheffield
Delivery Location
Not specified
Local Authority
Sheffield
Electoral Ward
City
Westminster Constituency
Sheffield Central

Supplier Information

Number of Suppliers
1
Supplier Name

4MOST (EUROPE

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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