BANK OF LONDON AND THE MIDDLE EAST PLC

Company number: 05897786

Reporting period:
1 January 2019 to 30 June 2019

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This report was filed on 11 July 2019

and approved by Christopher Power

Payment statistics

Average time taken to pay invoices: 17 days

Invoices paid:

• within 30 days: 90%
• in 31 to 60 days: 10%

Invoices due but not paid within agreed terms: 40%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

30 days

Standard payment terms

Our standard payment period is 30 days

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

30 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

In respect of dealing with complaints from suppliers under qualifying contracts, queries should be sent direct to accounts.payable@blme.com . The accounts payable department will at the first instance be able to give an update on the status of the outstanding invoice to the supplier. The accounts payable department aim to respond within 24 hours on receipt an email during a working week. If an invoice is being disputed internally due to an external issue, the accounts payable department will highlight this to the supplier and advise them to make contact with relationship manager at the bank to provide more clarify of the issue.

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No, this business has not signed up to a code of conduct or standards on payment practices.

Does this business offer e-invoicing in relation to qualifying contracts?

This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.

No

Does this business offer supply chain finance?

This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.

No

Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No