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1130253

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the consequences for depositor protection and financial stability from the number of lenders offering residential property mortgage loans at 95 per cent of value or higher; and what options are open to (1) them, (2) the Bank of England, and (3) the Prudential Regulation Authority, to protect depositors and ensure financial stability.
	tabling member printed	Lord Myners
	uin	HL16114
	answer	answer is ministerial correction date of answer 19/06/2019 answer text <p><em>The Financial Policy Committee (FPC) of the Bank of England was set up to identify, monitor and take action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system as part of the new financial regulatory framework legislated for under The Financial Services Act 2012. The FPC noted in their November 2018 Financial Stability Report that the share of households with high mortgage debt-servicing ratios (DSRs) is close to historical lows. The FPC has powers of direction to place limits on the proportion of new mortgages that a bank can extend at high LTV ratios, if it judges that this is required to mitigate financial stability risks.</em></p><p><em> </em></p><em> </em><p><em>While the Bank therefore has powers to tackle these risks, the Financial Services Compensation Scheme (FSCS), set up by the Government in 2001, also provides a key role in ensuring financial stability and protecting depositors. The FSCS provides deposit protection of up to £85,000 per person, per authorised firm. The Financial Services Markets Act 2000 gives powers to the regulators, including the Prudential Regulation Authority (PRA) to make the rules in which FSCS carries out its compensation function.</em></p><p> </p> answering member printed Lord Young of Cookham question first answered 19/06/2019 16:43:39 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

651830

	registered interest
	date	05/12/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Mortgages
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they have any plans to regulate further the granting of residential mortgages at high multiples of income.
	tabling member printed	Lord Myners
	uin	HL3812
	answer	answer is ministerial correction date of answer 19/12/2016 answer text <p>The Government has no plans to regulate mortgages at high multiples of income.</p><p> </p><p>The Government has granted the Financial Policy Committee (FPC) powers of direction with regard to owner-occupied mortgages. The Government recently brought forward secondary legislation to grant the FPC powers of direction with regard to buy to let mortgages as well. This instrument has been debated and approved in this House and the other place.</p><p> </p><p>The FPC is a policy committee of the independent Bank of England. It is for the Committee to decide if, when and how to use its powers.</p><p> </p> answering member printed Lord Young of Cookham question first answered 19/12/2016 15:43:31 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners