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46665

registered interest
date	02/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what guidance HM Treasury has given to the Bank of England, the Financial Conduct Authority and the Prudential Regulatory Authority on the use of selective press briefing of unannounced policies or position statements on matters judged to be market price-sensitive.
tabling member printed	Lord Myners
uin	HL6543
answer	answer is ministerial correction date of answer 11/04/2014 answer text <p>The Bank of England, the Financial Conduct Authority and the Prudential Regulation Authority are operationally independent of Government. HM Treasury does not issue them with operational guidance about how they should discharge their statutory duties.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p> answering member printed Lord Newby question first answered 11/04/2014 12:00:00 answering member 1916 label Biography information for Lord Newby
tabling member	3869 label Biography information for Lord Myners

46403

registered interest
date	01/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how many people have (1) applied for, and (2) been granted, help through (a) the Help to Buy mortgage guarantee scheme, and (b) the Help to Buy equity loan scheme, in each of the ten districts of Greater Manchester.
tabling member printed	Lord Bradley
uin	HL6500
answer	answer is ministerial correction date of answer 11/04/2014 answer text <p>LORD NEWBY</p><p>a) On 23 March, the Prime Minister announced that 2,572 mortgages were supported by the Help to Buy: mortgage guarantee scheme in its first four months. 342 of these were in the North West. The Government does not generally collect data on the number of applications participating lenders receive for mortgages supported by the Help to Buy: mortgage guarantee scheme. However, as a single submission to the Government, two of the largest lenders in the Scheme, Lloyds and RBS, have said they received 9,569 applications, and one of the smallest lenders in the Scheme, Aldermore, received 2,313 applications.</p><p> </p><p>Now the Scheme is open, the Government is collecting data on mortgages covered by the guarantee, and will report in due course.</p><p> </p><p> </p><p>b) The Government publishes monthly statistics on the cumulative number of homes purchased (legal completions), with the support of Help to Buy: equity loans, by local authority in England. The data can be found at <a href="https://www.gov.uk/government/statistical-data-sets/help-to-buy-equity-loan-scheme-monthly-statistics" target="_blank">https://www.gov.uk/government/statistical-data-sets/help-to-buy-equity-loan-scheme-monthly-statistics</a>.</p><p> </p><p> </p> answering member printed Lord Newby question first answered 11/04/2014 12:00:00 answering member 1916 label Biography information for Lord Newby attachment 1 file name 3434LW 1314.xlsx title Help to buy - Cumulative number
tabling member	452 label Biography information for Lord Bradley

46410

registered interest
date	01/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they have commissioned any investigation into, or received any report about, possible manipulation of auctions conducted by the Debt Management Office on behalf of HM Treasury or of purchases of securities under the Asset Purchase Scheme.
tabling member printed	Lord Myners
uin	HL6507
answer	answer is ministerial correction date of answer 11/04/2014 answer text <p> </p><p> </p><p>Any evidence relating to the potential manipulation of financial markets received by a public or private body or member of the public should be passed to the Financial Conduct Authority (FCA), which has a statutory responsibility for regulating conduct in financial markets.</p><p> </p><p>Any investigation into the potential manipulation of financial markets would be a matter for the FCA. As a matter of policy the FCA does not normally provide any comment about potential or actual investigations or potential enforcement so as to avoid prejudicing cases.</p><p> </p><p>The FCA announced on 20 March 2014 that it had taken enforcement action against an individual for the manipulation of a government bond in the run up to a Bank of England operation on 10 October 2011. The FCA's investigation found this was the action of one trader on one day, and there was no evidence of collusion with traders in other banks.</p><p> </p><p> </p> answering member printed Lord Newby question first answered 11/04/2014 12:00:00 answering member 1916 label Biography information for Lord Newby
tabling member	3869 label Biography information for Lord Myners

45992

registered interest
date	31/03/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the reply by Lord Deighton on 27 March to remarks by Lord Myners, Lord Higgins and Lord Flight (HL Deb, col 676) and the Written Answer by Lord Sassoon on 3 July 2013 (WA 143), whether they continue to consider that borrowing from the central bank is illegal under Article 123 of the Treaty on the Functioning of the European Union; and, if so, what options are available in respect of government debt and quantitative easing while the United Kingdom remains a member of the European Union.
tabling member printed	Lord Stevens of Ludgate
uin	HL6470
answer	answer is ministerial correction date of answer 11/04/2014 answer text <p> </p><p>The independent Monetary Policy Committee (MPC) of the Bank of England has operational responsibility for monetary policy. The MPC makes decisions on its policy tools, including quantitative easing (QE), in order to meet the 2% inflation target in the medium term.</p><p> </p><p>The separation of fiscal and monetary policy is a key feature of the UK's economic policy framework. To use monetary policy tools to meet fiscal objectives, such as financing government borrowing, could conflict with the MPC's objective of price stability and undermine confidence in the UK's monetary policy framework. Additionally, government borrowing from the central bank is illegal under Article 123 of the Treaty on the Functioning of the European Union.</p><p> </p> answering member printed Lord Newby question first answered 11/04/2014 12:00:00 answering member 1916 label Biography information for Lord Newby
tabling member	2227 label Biography information for Lord Stevens of Ludgate

46011

registered interest
date	31/03/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they will establish a formal investigation, independent of the Financial Conduct Authority (FCA), into the FCA's handling of the announcement it made via the press on 28 March of an investigation into closed insurance funds; and whether they have made an estimate of the financial consequences of the creation of a possible false market in insurance securities as a result of the initial announcement and subsequent amendments.
tabling member printed	Lord Myners
uin	HL6489
answer	answer is ministerial correction date of answer 11/04/2014 answer text <p>The Financial Conduct Authority (FCA) Board has announced an investigation which will be independent of the FCA executive. A senior independent lawyer will investigate what went wrong and make appropriate recommendations.</p><p> </p><p>The Chancellor has written to the Chair of the FCA setting out the questions that the investigation should answer. This includes the question of to what extent a false or disorderly market was present in the period before the FCA issued its statement of clarification. The letter was copied to the Treasury Committee and has been published on the Treasury's website.</p><p> </p><p> </p><p> </p> answering member printed Lord Newby question first answered 11/04/2014 12:00:00 answering member 1916 label Biography information for Lord Newby attachment 1 file name 3420LW 1314.pdf title Letter FCA
tabling member	3869 label Biography information for Lord Myners