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1305374
star this property registered interest false more like this
star this property date less than 2021-03-23more like thismore than 2021-03-23
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Wyelands Bank more like this
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 Bank of England has required Wyelands Bank to return all deposits or a category of deposits; if so, when; whether Wyelands remains an approved bank on the Bank of England list of banks; and if not, why this has not been publicly announced. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL14527 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 2021-03-31more like thismore than 2021-03-31
star this property answer text <p>The PRA published a statement on its website on 3 March 2021, confirming that Wyelands Bank had been required to operationalise an orderly repayment of its deposits. Wyelands Bank has since published a statement on its website confirming that its deposit accounts have been closed and that depositors were repaid on 17 March. Wyelands have instructed any depositors who have not received their funds to contact their Customer Service team.</p><p>Wyelands remains authorised by the PRA and regulated by the PRA and the FCA; however, as shown on the Financial Services Register, its permission to perform regulated activities is subject to limitations.</p> more like this
star this property answering member printed Lord Agnew of Oulton more like this
star this property question first answered
less than 2021-03-31T14:10:32.24Zmore like thismore than 2021-03-31T14:10:32.24Z
star this property answering member
4689
star this property label Biography information for Lord Agnew of Oulton more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
1314987
star this property registered interest false more like this
star this property date less than 2021-05-17more like thismore than 2021-05-17
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Wyelands Bank more like this
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 plan to hold an inquiry into (1) the granting of a banking licence to Wyelands Bank, and (2) its subsequent supervision by the Prudential Regulation Authority. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL292 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 2021-05-27more like thismore than 2021-05-27
star this property answer text <p>Since the financial crisis, we have implemented sweeping reforms to financial regulation. Through the Financial Services Act 2012, we dismantled the failed tripartite system, and replaced it with a set of regulators with clear objectives and responsibilities, with the Prudential Regulation Authority (PRA) responsible for the prudential supervision of the UK banking sector, and the Financial Conduct Authority (FCA) for ensuring proper conduct in line with UK financial regulations.</p><p>Wyelands Bank remains authorised by the PRA and regulated by the PRA and the FCA; however, as shown on the Financial Services Register, its permission to perform regulated activities is subject to limitations.</p><p>Although HM Treasury does not comment on supervisory matters, we continuously monitor risks across the financial sector and escalate our response where appropriate in coordination with the independent financial authorities – the FCA, PRA and Bank of England – as well as relevant government departments.</p><p> </p><p> </p>
star this property answering member printed Lord Agnew of Oulton more like this
star this property question first answered
less than 2021-05-27T14:55:29.867Zmore like thismore than 2021-05-27T14:55:29.867Z
star this property answering member
4689
star this property label Biography information for Lord Agnew of Oulton more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
421795
star this property registered interest false more like this
star this property date less than 2015-10-15more like thismore than 2015-10-15
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name CaTreasury more like this
star this property hansard heading Written Questions more like this
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 was the total cost of answering written parliamentary questions in 2012–13, 2013–14 and 2014–15. more like this
star this property tabling member printed
Baroness Hamwee more like this
star this property uin HL2666 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 2015-10-28more like thismore than 2015-10-28
star this property answer text <p>While Her Majesty's Government does not monitor the total costs of all written parliamentary questions, HM Treasury does set a disproportionate cost threshold based on the estimated cost of answering them. This cost was most recently assessed at £164 per written question.</p><br /> more like this
star this property answering member printed Lord O'Neill of Gatley more like this
star this property question first answered
less than 2015-10-28T12:19:02.66Zmore like thismore than 2015-10-28T12:19:02.66Z
star this property answering member
4536
star this property label Biography information for Lord O'Neill of Gatley more like this
star this property tabling member
2652
unstar this property label Biography information for Baroness Hamwee more like this
143442
star this property registered interest false more like this
star this property date less than 2014-11-07more like thismore than 2014-11-07
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading World War I: Debts more like this
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 how much they owe the government of the United States as a result of the First World War; and what are the arrangements for repayment. more like this
star this property tabling member printed
Lord Laird more like this
star this property uin HL2727 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 2014-11-20more like thismore than 2014-11-20
star this property answer text <p>At the end of the First World War, the debt owed to the United States by the United Kingdom amounted to around £850 million. Repayments of the debt were made between 1923 and 1931. In 1931, President Hoover of the United States proposed a one year moratorium on all war debts, which allowed extensive international discussions on the general problems of debt repayment to be held. However, no satisfactory agreement was reached. In the absence of such an agreement, no payments have been made to, or received from, other nations since 1934. At the time, the United Kingdom was owed more by other nations than the outstanding principal it owed the United States.</p><p> </p><p> </p><p> </p><p>For this reason, liabilities and assets arising from WW1 have not been listed on the UK government’s balance sheet since 1944-45.</p><p> </p> more like this
star this property answering member printed Lord Deighton more like this
star this property question first answered
less than 2014-11-20T17:03:29.643Zmore like thismore than 2014-11-20T17:03:29.643Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property tabling member
2479
unstar this property label Biography information for Lord Laird more like this
166116
star this property registered interest false more like this
star this property date less than 2014-11-25more like thismore than 2014-11-25
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading World War I: Debts more like this
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 any countries owe money to the United Kingdom as a result of the First World War; and if so, which and how much in each case. more like this
star this property tabling member printed
Lord Laird more like this
star this property uin HL3174 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 2014-12-09more like thismore than 2014-12-09
star this property answer text <p>At the end of World War I, debt was owed between the UK and other countries. However, in 1931 President Hoover of the United States proposed a one year moratorium on all War debts, which allowed extensive international discussions on the general problems of debt repayment to be held. No satisfactory agreement was reached. In the absence of such an agreement no payments have been made to, or received from, other nations since 1934.</p><p> </p><p> </p><p> </p><p>The most recent repayment made by the UK on its debt to the US from the First World War was made in the financial year 1932-33. More specific information on the date of this payment is not available.</p><p> </p><p> </p><p> </p><p>The UK included the First World War debt to the US as part of the National Debt up until 1944-45, however all First World War debts to and from other nations are now effectively considered as having lapsed. Therefore, as explained in the answer to the original question, no arrangements have been made for repayment of the debt.</p><p> </p><p> </p><p> </p><p>In addition, the government holds eight undated gilts in its debt portfolio, three of which stem from bonds originally issued to raise money to finance the First World War.</p><p> </p><p> </p><p> </p><p>The Chancellor has announced that two of these undated gilts, 4% Consolidated Loan and 3½% War Loan, will be redeemed, on 1 February 2015 and 9 March 2015 respectively. These gilts account for some 99% of the bonds originally issued to finance the First World War. The government has also announced a strategy to remove the remaining undated gilts from the debt portfolio when it is deemed value for money to do so.</p><p> </p><p> </p><p> </p><p>The repayments on this debt will go to the holders of these bonds. The Treasury does not hold detailed information on the identity of organisations or individuals who own gilts, however information on sectoral holdings of gilts is published on a quarterly basis by the Office for National Statistics. The latest information on the breakdown of gilt holdings by sector, including a breakdown of non-UK resident holders of gilts by foreign central banks and other non-residents, is published by the ONS in Section 5.2.10 of its quarterly United Kingdom Economic Accounts publication.</p><p> </p>
star this property answering member printed Lord Deighton more like this
star this property grouped question UIN
HL3175 more like this
HL3176 more like this
star this property question first answered
less than 2014-12-09T17:41:36.6Zmore like thismore than 2014-12-09T17:41:36.6Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property tabling member
2479
unstar this property label Biography information for Lord Laird more like this
166117
star this property registered interest false more like this
star this property date less than 2014-11-25more like thismore than 2014-11-25
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading World War I: Debts more like this
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 Deighton on 20 November (HL2727), concerning debt for the First World War, what are the arrangements for repayment of the United Kingdom's debt to the United States; and why that information was not included in the answer to the original question. more like this
star this property tabling member printed
Lord Laird more like this
star this property uin HL3175 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 2014-12-09more like thismore than 2014-12-09
star this property answer text <p>At the end of World War I, debt was owed between the UK and other countries. However, in 1931 President Hoover of the United States proposed a one year moratorium on all War debts, which allowed extensive international discussions on the general problems of debt repayment to be held. No satisfactory agreement was reached. In the absence of such an agreement no payments have been made to, or received from, other nations since 1934.</p><p> </p><p> </p><p> </p><p>The most recent repayment made by the UK on its debt to the US from the First World War was made in the financial year 1932-33. More specific information on the date of this payment is not available.</p><p> </p><p> </p><p> </p><p>The UK included the First World War debt to the US as part of the National Debt up until 1944-45, however all First World War debts to and from other nations are now effectively considered as having lapsed. Therefore, as explained in the answer to the original question, no arrangements have been made for repayment of the debt.</p><p> </p><p> </p><p> </p><p>In addition, the government holds eight undated gilts in its debt portfolio, three of which stem from bonds originally issued to raise money to finance the First World War.</p><p> </p><p> </p><p> </p><p>The Chancellor has announced that two of these undated gilts, 4% Consolidated Loan and 3½% War Loan, will be redeemed, on 1 February 2015 and 9 March 2015 respectively. These gilts account for some 99% of the bonds originally issued to finance the First World War. The government has also announced a strategy to remove the remaining undated gilts from the debt portfolio when it is deemed value for money to do so.</p><p> </p><p> </p><p> </p><p>The repayments on this debt will go to the holders of these bonds. The Treasury does not hold detailed information on the identity of organisations or individuals who own gilts, however information on sectoral holdings of gilts is published on a quarterly basis by the Office for National Statistics. The latest information on the breakdown of gilt holdings by sector, including a breakdown of non-UK resident holders of gilts by foreign central banks and other non-residents, is published by the ONS in Section 5.2.10 of its quarterly United Kingdom Economic Accounts publication.</p><p> </p>
star this property answering member printed Lord Deighton more like this
star this property grouped question UIN
HL3174 more like this
HL3176 more like this
star this property question first answered
less than 2014-12-09T17:41:36.487Zmore like thismore than 2014-12-09T17:41:36.487Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property tabling member
2479
unstar this property label Biography information for Lord Laird more like this
166118
star this property registered interest false more like this
star this property date less than 2014-11-25more like thismore than 2014-11-25
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading World War I: Debts more like this
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 Deighton on 20 November (HL2727), concerning debt for the First World War, when was the most recent repayment made to the United States. more like this
star this property tabling member printed
Lord Laird more like this
star this property uin HL3176 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 2014-12-09more like thismore than 2014-12-09
star this property answer text <p>At the end of World War I, debt was owed between the UK and other countries. However, in 1931 President Hoover of the United States proposed a one year moratorium on all War debts, which allowed extensive international discussions on the general problems of debt repayment to be held. No satisfactory agreement was reached. In the absence of such an agreement no payments have been made to, or received from, other nations since 1934.</p><p> </p><p> </p><p> </p><p>The most recent repayment made by the UK on its debt to the US from the First World War was made in the financial year 1932-33. More specific information on the date of this payment is not available.</p><p> </p><p> </p><p> </p><p>The UK included the First World War debt to the US as part of the National Debt up until 1944-45, however all First World War debts to and from other nations are now effectively considered as having lapsed. Therefore, as explained in the answer to the original question, no arrangements have been made for repayment of the debt.</p><p> </p><p> </p><p> </p><p>In addition, the government holds eight undated gilts in its debt portfolio, three of which stem from bonds originally issued to raise money to finance the First World War.</p><p> </p><p> </p><p> </p><p>The Chancellor has announced that two of these undated gilts, 4% Consolidated Loan and 3½% War Loan, will be redeemed, on 1 February 2015 and 9 March 2015 respectively. These gilts account for some 99% of the bonds originally issued to finance the First World War. The government has also announced a strategy to remove the remaining undated gilts from the debt portfolio when it is deemed value for money to do so.</p><p> </p><p> </p><p> </p><p>The repayments on this debt will go to the holders of these bonds. The Treasury does not hold detailed information on the identity of organisations or individuals who own gilts, however information on sectoral holdings of gilts is published on a quarterly basis by the Office for National Statistics. The latest information on the breakdown of gilt holdings by sector, including a breakdown of non-UK resident holders of gilts by foreign central banks and other non-residents, is published by the ONS in Section 5.2.10 of its quarterly United Kingdom Economic Accounts publication.</p><p> </p>
star this property answering member printed Lord Deighton more like this
star this property grouped question UIN
HL3174 more like this
HL3175 more like this
star this property question first answered
less than 2014-12-09T17:41:36.703Zmore like thismore than 2014-12-09T17:41:36.703Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property tabling member
2479
unstar this property label Biography information for Lord Laird more like this
167908
star this property registered interest false more like this
star this property date less than 2014-12-04more like thismore than 2014-12-04
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading World War I: Debts more like this
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 arrangements they are making to repay outstanding debt from the First World War; and to whom the repayments will be made. more like this
star this property tabling member printed
Lord Laird more like this
star this property uin HL3432 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 2014-12-19more like thismore than 2014-12-19
star this property answer text <p>The Chancellor of the Exchequer, George Osborne, announced on 3 December that the Government will redeem 3½% War Loan, thus repaying the vast majority of the nation’s First World War debt. The Chancellor also announced that the Government will adopt a strategy to remove the other remaining undated gilts in the government’s debt portfolio, some of which have origins going back to the eighteenth century, where it is deemed value for money to do so.</p><p> </p><p> </p><p> </p><p>This announcement followed the Government’s decision on 31 October to redeem the much smaller 4% Consolidated Loan, the first planned repayment of an undated gilt of this kind by government for 67 years. The Debt Management Office also announced on 17 December that 3½% Conversion Loan would be redeemed on 1 April 2015. After these redemptions, none of the £2.2bn worth of First World War debt currently in the government’s debt portfolio will remain.</p><p> </p><p> </p><p> </p><p>The Treasury will redeem the outstanding £1.9 billion of debt from 3½% War Loan on Monday 9 March 2015, and the 4% Consolidated Loan will be redeemed on 1 February 2015.</p><p> </p><p> </p><p> </p><p>The repayments on this debt will go to the holders of these bonds. The Treasury does not hold detailed information on the identity of organisations or individuals who own gilts, however information on sectoral holdings of gilts is published on a quarterly basis by the Office for National Statistics. The latest information on the breakdown of gilt holdings by sector, including a breakdown of non-UK resident holders of gilts by foreign central banks and other non-residents, is published by the ONS in Section 5.2.10 of its quarterly United Kingdom Economic Accounts publication.</p><p> </p><p> </p><p> </p><p>We are only able to take this action today thanks to the difficult decisions that this government has taken to get a grip on the public finances. The fact that we will no longer have to pay the relatively high rate of interest on these gilts means that most important of all, this decision represents great value for money for the taxpayer.</p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Deighton more like this
star this property question first answered
less than 2014-12-19T12:45:07.42Zmore like thismore than 2014-12-19T12:45:07.42Z
star this property answering member
4262
star this property label Biography information for Lord Deighton more like this
star this property tabling member
2479
unstar this property label Biography information for Lord Laird more like this
424803
star this property registered interest false more like this
star this property date less than 2015-10-29more like thismore than 2015-10-29
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name CaTreasury more like this
star this property hansard heading World War I: Debts more like this
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 how much they owe the government of the United States for activities in the First World War; what are the repayment arrangements; and when the repayments will be completed. more like this
star this property tabling member printed
Lord Laird more like this
star this property uin HL3146 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 2015-11-11more like thismore than 2015-11-11
star this property answer text <p>The United Kingdom owed around £850 million to the United States for activities in the First World War. However, in 1931 the United States proposed a temporary moratorium on all War debts, to allow for negotiations on debt repayment. Following negotiations, no satisfactory agreement was reached and as such, repayments were cancelled between the United Kingdom and United States. The last repayment from the United Kingdom to the United States for debt from the First World War was made in the financial year 1932-33.</p> more like this
star this property answering member printed Lord O'Neill of Gatley more like this
star this property question first answered
less than 2015-11-11T16:21:08.61Zmore like thismore than 2015-11-11T16:21:08.61Z
star this property answering member
4536
star this property label Biography information for Lord O'Neill of Gatley more like this
star this property tabling member
2479
unstar this property label Biography information for Lord Laird more like this
600963
star this property registered interest false more like this
star this property date less than 2016-10-13more like thismore than 2016-10-13
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name CaTreasury more like this
star this property hansard heading World War I: Debts more like this
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, following the announcement by the Chancellor of the Exchequer in October 2014 that they were planning to pay off some debts from World War One, how much has been paid off to date, and how much is still outstanding. more like this
star this property tabling member printed
Lord Laird more like this
star this property uin HL2303 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 2016-10-25more like thismore than 2016-10-25
star this property answer text <p>The Chancellor of the Exchequer announced on 3 December 2014 that the government would adopt a strategy to remove the remaining undated gilts in the government’s debt portfolio, thus repaying all the nation’s First World War debt.</p><p> </p><p>Three of the eight undated gilts that remained in the government’s portfolio in 2014 were issued to fund the First World War: the 4% Consolidated Loan, 3½% War Loan and 3½% Conversion Loan. These were redeemed in 2015, on 1 February, 9 March and 1 April respectively.</p><p> </p><p>Almost 99% of the amount due has been repaid to date. Due to the age of the records relating to undated gilts, the registrar has not been able to contact all holders. However, the government has thus repaid the vast majority of the nation’s First World War debt.</p> more like this
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2016-10-25T12:35:02.793Zmore like thismore than 2016-10-25T12:35:02.793Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
2479
unstar this property label Biography information for Lord Laird more like this