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1122892
registered interest false more like this
date less than 2019-04-24more like thismore than 2019-04-24
answering body
Department for Transport more like this
answering dept id 27 more like this
answering dept short name Transport more like this
answering dept sort name Transport more like this
hansard heading Monarch Airlines: Insolvency more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government when they last talked with Greybull Capital about it contributing to the costs incurred by the Government in repatriating Monarch passengers after the airline collapsed. more like this
tabling member printed
Lord Myners more like this
uin HL15283 more like this
answer
answer
is ministerial correction false more like this
date of answer remove maximum value filtermore like thismore than 2019-05-09
answer text <p>Greybull Capital is not itself a shareholder in Monarch Airlines but it does perform an advisory and management role for the principal shareholder, Petrol Jersey Limited. There is no formal legal mechanism we can use to oblige Greybull to contribute towards the cost of repatriating passengers.</p><p> </p><p>However Marc Meyohas, partner at Greybull, wrote to the Transport Select Committee acknowledging a moral obligation (if they make a profit) to contribute and help to defray the costs incurred by the Government in repatriating Monarch customers.</p><p> </p><p>Discussions with Greybull in relation to recovering the costs of the repatriation operation have been in writing. Ministers last wrote to Greybull on this matter on 5 December 2018.</p><p> </p><p>The extent of any profit or loss from Greybull Capital and Petrol Jersey Limited’s investment in Monarch Airlines will depend on the outcome of the administration process, which is not due to conclude until October 2020.</p><p> </p><p>I refer to the Written Ministerial Statement made by the Secretary of State on 9 May 2019, which reported that the final cost to the taxpayer from the Monarch repatriation have been assessed to be £40.5m. This does not include any contribution from Greybull Capital or the principal shareholder, Petrol Jersey Limited. We do not expect any material change to the final cost to the taxpayer.</p><p> </p><p> </p><p> </p><p> </p>
answering member printed Baroness Vere of Norbiton remove filter
grouped question UIN HL15293 more like this
question first answered
less than 2019-05-09T14:24:37.97Zmore like thisremove minimum value filter
answering member
4580
label Biography information for Baroness Vere of Norbiton more like this
tabling member
3869
label Biography information for Lord Myners more like this
1122902
registered interest false more like this
date less than 2019-04-24more like thismore than 2019-04-24
answering body
Department for Transport more like this
answering dept id 27 more like this
answering dept short name Transport more like this
answering dept sort name Transport more like this
hansard heading Monarch Airlines: Insolvency more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government, further to the Written Answer by Baroness Sugg on 12 March (HL14267), whether the contribution promised by Greybull to meet part of the cost incurred by taxpayers in repatriating customers of Monarch Airlines is dependent on the completion of the administration of the Monarch group of companies; and when ministers last met Greybull in connection with Greybull's contribution to costs. more like this
tabling member printed
Lord Myners more like this
uin HL15293 more like this
answer
answer
is ministerial correction false more like this
date of answer remove maximum value filtermore like thismore than 2019-05-09
answer text <p>Greybull Capital is not itself a shareholder in Monarch Airlines but it does perform an advisory and management role for the principal shareholder, Petrol Jersey Limited. There is no formal legal mechanism we can use to oblige Greybull to contribute towards the cost of repatriating passengers.</p><p> </p><p>However Marc Meyohas, partner at Greybull, wrote to the Transport Select Committee acknowledging a moral obligation (if they make a profit) to contribute and help to defray the costs incurred by the Government in repatriating Monarch customers.</p><p> </p><p>Discussions with Greybull in relation to recovering the costs of the repatriation operation have been in writing. Ministers last wrote to Greybull on this matter on 5 December 2018.</p><p> </p><p>The extent of any profit or loss from Greybull Capital and Petrol Jersey Limited’s investment in Monarch Airlines will depend on the outcome of the administration process, which is not due to conclude until October 2020.</p><p> </p><p>I refer to the Written Ministerial Statement made by the Secretary of State on 9 May 2019, which reported that the final cost to the taxpayer from the Monarch repatriation have been assessed to be £40.5m. This does not include any contribution from Greybull Capital or the principal shareholder, Petrol Jersey Limited. We do not expect any material change to the final cost to the taxpayer.</p><p> </p><p> </p><p> </p><p> </p>
answering member printed Baroness Vere of Norbiton remove filter
grouped question UIN HL15283 more like this
question first answered
less than 2019-05-09T14:24:38.003Zmore like thismore than 2019-05-09T14:24:38.003Z
answering member
4580
label Biography information for Baroness Vere of Norbiton more like this
tabling member
3869
label Biography information for Lord Myners more like this