The Deputy will be aware that under the Relationship Framework the Board of the bank is responsible for the day to day operations of the bank. The Board and management of the Bank are responsible for the Bank's day-to-day commercial decisions including the appointment of strategic advisors. The appointment of the ‘strategic advisory arm' of the company referred to in the question was made having regard for the Bank's procurement policy. The process followed by the management of the Bank, and ratified by the Bank's Board, was fully compliant with the Bank's Board approved Procurement Policy.
Details of the terms and purpose of the Bank's appointment of this advisor are commercially sensitive and the Bank will not be releasing further details on the matter.