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1132222
unstar this property registered interest false more like this
star this property date remove maximum value filtermore like thismore than 2019-06-14
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
unstar this property hansard heading British Steel: Loans remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what recent assessment he has made of the effect of the £120 million Government loan to British Steel in May 2019 on that company's viability; and what assessment he has made of the role of Greybull Capital in that company's insolvency. more like this
star this property tabling member constituency Ealing Central and Acton more like this
star this property tabling member printed
Dr Rupa Huq more like this
star this property uin 264789 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-20more like thismore than 2019-06-20
star this property answer text <p>As the Secretary of State for BEIS set out in his statement to the House on 1 May, the government entered into a commercial agreement with British Steel on 23 April, which provided a short term bridge facility valued at around £120 million. This ensured the company met its obligations under the EU Emissions Trading Scheme for the 2018 scheme year.</p><p> </p><p>Following the recent insolvency of British Steel, the government has indemnified the Official Receive to carry out its statutory duties as liquidator. The Official Receiver is required by law to investigate the reasons for the failure of any company that enters compulsory liquidation.</p> more like this
star this property answering member constituency South West Norfolk more like this
star this property answering member printed Elizabeth Truss more like this
star this property question first answered
less than 2019-06-20T13:37:12.597Zmore like thismore than 2019-06-20T13:37:12.597Z
star this property answering member
4097
star this property label Biography information for Elizabeth Truss more like this
star this property tabling member
4511
star this property label Biography information for Dr Rupa Huq more like this
1124420
unstar this property registered interest false more like this
star this property date less than 2019-05-01more like thismore than 2019-05-01
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
unstar this property hansard heading British Steel: Loans remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they will publish the terms of their commercial loan to British Steel; and what consideration they have given to financing other companies in a similar position. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL15469 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-10more like thismore than 2019-05-10
star this property answer text <p>The terms of the commercial agreement between the Government and British Steel are set out in letters from the Permanent Secretary to the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller &amp; Auditor General, copies of which have been placed in the Libraries of both Houses.</p><p> </p><p>The Government has been in regular communication with all EU ETS participants since November 2017 to notify of the risks associated with a no deal scenario. All UK installations met their 2018 obligations in full before the compliance deadline on the 30th April.</p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-05-10T12:41:15.107Zmore like thismore than 2019-05-10T12:41:15.107Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1127257
unstar this property registered interest false more like this
star this property date less than 2019-05-16more like thismore than 2019-05-16
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
unstar this property hansard heading British Steel: Loans remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether, in extending credit to British Steel, they took into account (1) the management of the borrower, (2) the value for money provided by Greybull Capital in respect of their management charges and other related party transfers, and (3) the use of a capital structure by British Steel that requires interest payments to Greybull parties based offshore. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL15810 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-29more like thismore than 2019-05-29
star this property answer text <p>I refer the noble Lord to the answer I gave to him on 10 May 2019 to Question HL15469.</p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-05-29T15:49:41.373Zmore like thismore than 2019-05-29T15:49:41.373Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1127438
unstar this property registered interest false more like this
star this property date less than 2019-05-20more like thismore than 2019-05-20
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
unstar this property hansard heading British Steel: Loans remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they took into consideration British Steel’s acquisition of Ascoval when reaching their decision on lending to that company. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL15849 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-03more like thismore than 2019-06-03
star this property answer text <p>The purchase of Ascoval was undertaken by the shareholder, and not by British Steel.</p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-03T11:17:09.497Zmore like thismore than 2019-06-03T11:17:09.497Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1128010
unstar this property registered interest false more like this
star this property date less than 2019-05-21more like thismore than 2019-05-21
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
unstar this property hansard heading British Steel: Loans remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they used external independent advisers in connection with the evaluation of British Steel's applications for financial support over the last three months; and, if so, (1) who those advisers were, and (2) how much they were paid. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL15895 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-04more like thismore than 2019-06-04
star this property answer text <p>The Government sought commercial and legal advice from external independent advisers. Exact costs have not been finalised.</p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-04T16:05:40.227Zmore like thismore than 2019-06-04T16:05:40.227Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1128011
unstar this property registered interest false more like this
star this property date less than 2019-05-21more like thismore than 2019-05-21
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
unstar this property hansard heading British Steel: Loans remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assurance they received that the terms on which they provided financial support to British Steel were at commercial rates. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL15896 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-04more like thismore than 2019-06-04
star this property answer text <p>The agreement between the Government and British Steel regarding their EU Emissions Trading Scheme compliance was fully commercial and state aid compliant, under Section 7 of the Industrial Development Act 1982.</p><p>The terms of the commercial agreement are set out in letters from the Permanent Secretary to the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller &amp; Auditor General, copies of which have been placed in the libraries of both Houses.</p><p>The Government carried out all of the necessary checks and due diligence which a typical commercial lender would undertake in relation to the company before making a commercial offer, including working closely with legal and commercial advisors to scrutinise the terms of the transaction.</p><p>The Deed of Forfeiture contains the terms and conditions which would be required by a commercial lender.</p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-04T16:09:15.11Zmore like thismore than 2019-06-04T16:09:15.11Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1128143
unstar this property registered interest false more like this
star this property date less than 2019-05-23more like thismore than 2019-05-23
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
unstar this property hansard heading British Steel: Loans remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government to which company in the British Steel group of companies they extended a loan of £120 million for the purchase of carbon credits; whether that loan was guaranteed by Greybull Capital and associates; whether the borrower benefited from, or was exposed to, guarantees to other British Steel and Greybull Capital parties; and when that loan was drawn down. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL15957 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-04more like thismore than 2019-06-04
star this property answer text <p>The support was provided to British Steel Limited in the form of a bridge facility. Under the terms of the commercial arrangement, the Government purchased the necessary allowances on behalf of British Steel Limited in the week leading up to 30 April and then surrendered them, via British Steel Limited's Operator Holding Account, to the EU Surrender Account. This occurred before the 30th April compliance deadline to surrender allowances for the 2018 reporting year, thus enabling British Steel Limited to meet its environmental obligations and avoid any penalties that would otherwise have resulted from non-compliance. In return, under a deed of forfeiture, the company’s 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing the allowances.</p><p> </p><p>The terms of the commercial agreement between the Government and British Steel are set out in letters from the Permanent Secretary of the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller &amp; Auditor General, copies of which have been placed in the Libraries of both Houses.</p>
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-04T16:03:29.613Zmore like thismore than 2019-06-04T16:03:29.613Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1129546
unstar this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
unstar this property hansard heading British Steel: Loans remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether the recent loan of £120 million to enable British Steel to meet its emissions trading compliance costs required a Ministerial direction. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16031 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-18more like thismore than 2019-06-18
star this property answer text <p>The Secretary of State for Business, Energy and Industrial Strategy has not issued any Ministerial Directions in respect of British Steel.</p><p>This loan agreement was fully commercial and state aid compliant, valued at around £120m, under Section 7 of the Industrial Development Act 1982. Under the agreement the Government purchased emissions allowances on behalf of British Steel ensuring it met its 2018 ETS obligations. Failure to comply with its ETS obligations would have led to a fine of around £500m, on top of the costs of ETS compliance of around £120m.</p><p>In return, under a deed of forfeiture, the company’s 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing allowances for British Steel. The Government’s view is that the 2019 allowances will still be issued to British Steel in insolvency.</p><p>The Government’s assessment is that the Deed of Forfeiture offered value for money to the taxpayer, with benefits exceeding the costs, predicated on the level of confidence around security, even in the event of insolvency.</p><p>This position was supported by the independent Industrial Development Advisory Board which assessed the proposal in their statutory role and agreed with the Government’s value for money assessment.</p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-18T16:50:34.45Zmore like thismore than 2019-06-18T16:50:34.45Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1129547
unstar this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
unstar this property hansard heading British Steel: Loans remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether civil servants expressed any concerns about the loan made to British Steel to enable it to meet its emissions trading compliance costs; and whether this loan is subject to enforceable security. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16032 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-12more like thismore than 2019-06-12
star this property answer text <p>I refer the Noble Lord to the answer I gave him on 4<sup>th</sup> June 2019 to Question HL15896, and to letters from the Permanent Secretary to the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller &amp; Auditor General, placed in the Libraries of both Houses, outlining the terms of the Deed of Forfeiture bridge facility agreed between Government and British Steel.</p><p> </p><p>The Deed of Forfeiture provides legal protections to give Government control of 2019 EU ETS allowances, even under the scenario of insolvency.</p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-12T15:12:11.763Zmore like thismore than 2019-06-12T15:12:11.763Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1131475
unstar this property registered interest false more like this
star this property date less than 2019-06-11more like thismore than 2019-06-11
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
star this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy more like this
unstar this property hansard heading British Steel: Loans remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 22 May (HL15809), whether the review and assessment process followed by the British Business Bank also applied to the process supporting their grant of a £120 million loan to British Steel; and whether that process included a review of the (1) capital structure, (2) tax planning, and (3) managerial record, of Greybull Capital and its associates. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16269 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-20more like thismore than 2019-06-20
star this property answer text <p>The British Business Bank was not involved.</p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-20T11:30:04.133Zmore like thismore than 2019-06-20T11:30:04.133Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this