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1466303

registered interest
date	26/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Philips Trust Corporation: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of providing support for those who held policies with the Philips Trust Corporation Limited, following the company going into administration on 22 April 2022.
tabling member constituency	Halifax
tabling member printed	Holly Lynch
uin	9936
answer	answer is ministerial correction date of answer 07/06/2022 answer text <p>The administrators of Philips Trust Corporation are working to secure the best results for customers and creditors.</p><p> </p><p>As the Philips Trust Corporation was not a regulated firm, any losses are unlikely to be covered by the Financial Services Compensation Scheme, except in limited circumstances.</p> answering member constituency Salisbury answering member printed John Glen question first answered 07/06/2022 14:13:44 answering member 4051 label Biography information for John Glen
tabling member	4472 label Biography information for Holly Lynch

1466336

registered interest
date	26/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Developing Countries
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of bringing forward legislative proposals to require lenders to take part in internationally agreed debt relief.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	9911
answer	answer is ministerial correction date of answer 06/06/2022 answer text <p>The Government does not currently have any intention to pursue a legislative approach that would force private lenders to participate in debt relief initiatives.</p><p> </p><p>Any legislative approach would need to address a number of challenges. For example, legislating may increase the cost of finance for low-income countries or reduce the availability of finance to meet wider development goals.</p><p> </p><p>The Government is instead prioritising the implementation of the Common Framework for Debt Treatments beyond the DSSI. The UK, along with the G20 and Paris Club, agreed the Common Framework to deliver a long-term, sustainable approach to dealing with debt vulnerabilities. Private sector participation on at least as favourable terms as bilateral creditors is a fundamental principle of the Common Framework. We are fully focused on ensuring that the private sector plays its part in any debt treatments under the Framework.</p> answering member constituency Salisbury answering member printed John Glen question first answered 06/06/2022 09:25:46 answering member 4051 label Biography information for John Glen
tabling member	4432 label Biography information for Patrick Grady

1466337

registered interest
date	26/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	BlackRock: Zambia
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions the Government has had with BlackRock on participating in internationally agreed debt relief in Zambia.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	9912
answer	answer is ministerial correction date of answer 06/06/2022 answer text <p>Zambia is one of three countries – along with Chad and Ethiopia - to have so far requested the Common Framework, which was agreed between the G20 and Paris Club to help deliver a long-term, sustainable approach for supporting low-income countries to tackle their debt vulnerabilities.</p><p> </p><p>Under the terms of the Common Framework, a debtor country that signs an MoU with participating official creditors will be required to seek from all private creditors a treatment at least as favourable. Accordingly, once Zambia signs an MoU for its case it will need to engage its private creditors to ensure their participation on comparable terms.</p><p> </p><p>The UK is fully committed to ensuring the private sector plays its part and the Government engages private sector creditors on international debt issues in a number of fora.</p> answering member constituency Salisbury answering member printed John Glen question first answered 06/06/2022 09:34:07 answering member 4051 label Biography information for John Glen
tabling member	4432 label Biography information for Patrick Grady