As the Deputy is aware the Board of the bank is responsible for the day to day operation of the bank including, as a general rule, issues relation to procurement. I have been informed by IBRC that the bank operates a procurement policy which has been set by the Board. An integral aspect of procurement is a governance process to monitor adherence to policy. The Bank's procurement policy is designed to ensure that goods and services are procured in the most cost-effective manner, while ensuring that the process is completed in an open, objective and transparent way. There have been and will continue to be specific instances in which the Bank will not be able to tender publicly for a particular good or service, e.g. urgency, sensitivity of a particular matter, etc.. In such instances, the procurement policy allows for the CEO to give an advance waiver of this policy. A waiver is only granted by the CEO where a genuine need exists and can be justified.
Procurement by IBRC, whether by public tender or exception, at all times seeks to best give effect to the core principles of accountability, value for money, non-discrimination, fairness, transparency and integrity in the procurement of any good or service for the Bank.
Further details of any exception to the bank's procurement policy are by their nature therefore commercially sensitive to the organisation.