North Lanarkshire Municipal Bank Ltd Minutes 7 November 2007

1.  Present

Councillors, J Pentland, R Burrows, J Jones, A Valentine, N Shevlin and F McKay - Directors.

2.  In Attendance

A Crichton, Executive Director of Finance & Customer Services NLC (Company Secretary)

B Cook, Head of Revenues, NLC

J Quinn, Treasury Manager, NLC

3.  Apologies

None

4.  Approval of Minutes of Previous Meeting

The minutes of the meeting held on 7 June 2007 were tabled and unanimously approved.

5. Annual Accounts

A set of audited accounts was tabled and circulated. It was noted that draft accounts had previously been circulated. The Directors unanimously agreed to the signing of the accounts and agreed that they should be presented to all shareholders at the Annual General Meeting to be held on the 16 January 2008.

6.  Resolution to re-appoint Auditors

BDO Stoy Hayward offered themselves for re-appointment in accordance with S385 of the Companies Act 1985. The Directors unanimously agreed to the re-appointment.

7.  Interest Rate Review   

A report outlining a recent interest rate review was presented to the directors. After a brief summary of the findings of this review presented by A Crichton, it was recommended to the directors that there was no underlying reason to alter tiered interest rates at this point in time. The Directors unanimously agreed with this recommendation and noted that there would continue to be a periodic review of depositor balances, comparator interest rates and the Bank of England base rates.

8. Sponsorship Request

The directors agreed to award sponsorship of £1,000 to the St Patrick's Day Festival Week to be held in March 2008.