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429338

	registered interest
	date	19/11/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Public Finance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what account his Department took when preparing the Charter for Budget Responsibility, of the effect of (a) the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union and (b) future EU treaty change in respect of that Treaty.
	tabling member constituency	Clacton
	tabling member printed	Mr Douglas Carswell
	uin	17027
	answer	answer is ministerial correction date of answer 24/11/2015 answer text <p>The UK is not a signatory of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, which is also known as the ‘Fiscal Compact.’ The signatories of the Fiscal Compact have committed to incorporate it into the main EU treaties, within five years of it entering into force. However, it would be premature to speculate on the conclusions of future treaty change negotiations in respect of the Fiscal Compact, which will require unanimous agreement amongst all other Member States, including the UK.</p><p>However, the UK does participate in the EU’s Stability and Growth Pact, which sets rules on Member States’ debt and deficits, although, unlike other Member States the UK cannot face any sanction under this process.</p><p>The updated Charter for Budget Responsibility, which sets out the government’s fiscal and debt management objectives and the fiscal mandate, states the government must explain in each Budget Report how all significant fiscal policy measures introduced by the government since the last Budget maintain the path of the public finances in a position consistent with the government’s European commitments.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 24/11/2015 14:25:01 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	1527 label Biography information for Mr Douglas Carswell

432640

	registered interest
	date	26/11/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	UK Debt Management Office
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what plans he has to improve the transparency and accountability to (a) Government and (b) Parliament of the UK Debt Management Office.
	tabling member constituency	Clacton
	tabling member printed	Mr Douglas Carswell
	uin	17792
	answer	answer is ministerial correction date of answer 02/12/2015 answer text <p>The UK Debt Management Office’s (DMO) key objectives are required to be met with due regard to the principles of ‘openness, transparency and predictability’, as set out in the annual Debt and Reserves Management Report. The DMO publishes and lays before Parliament its annual Business Plan and Annual Report and Accounts (and also publishes an Annual Review), providing information about its operations in line with these objectives. As an Executive Agency of the Treasury, the Chief Executive of the DMO is accountable to government and parliament, as set out in the DMO’s Executive Agency Framework Document.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 02/12/2015 17:39:52 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	1527 label Biography information for Mr Douglas Carswell

449765

	registered interest
	date	02/02/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services: Islam
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how many buildings in London are part of his Department's sukuk bond scheme.
	tabling member constituency	Clacton
	tabling member printed	Mr Douglas Carswell
	uin	25405
	answer	answer is ministerial correction date of answer 12/02/2016 answer text <p>In the Sukuk structure, rental payments provide the income for investors. When the Sovereign Sukuk were issued in July 2014 the profit rate was set at 2.036% in line with the yield on gilts of similar maturity, making the investor return on the Sukuk broadly equivalent to that on conventional gilts of similar maturity.</p><p> </p><p>Three central government properties form the underlying assets which underpin the Sukuk.</p><p> </p><p>The Government was clear at the time of issuance that the Sukuk issuance was not for debt financing purposes. Instead, it was issued to deliver on the government’s commitment to become the western hub for Islamic finance. The issuance showed that the UK is open for business with all parts of the world and provided high quality capital to UK-based Islamic banks.</p><p> </p><p>UK based institutions that offer Islamic finance services are contributing to jobs and growth with assets totalling $4.5bn at the end of 2014.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 25403 25555 question first answered 12/02/2016 13:55:38 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	1527 label Biography information for Mr Douglas Carswell

449766

	registered interest
	date	02/02/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services: Islam
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, whether the rental income generated for investors in his Department's sukuk bond scheme is equivalent to that of the coupon paid from a June 2014 Government five-year gilt.
	tabling member constituency	Clacton
	tabling member printed	Mr Douglas Carswell
	uin	25403
	answer	answer is ministerial correction date of answer 12/02/2016 answer text <p>In the Sukuk structure, rental payments provide the income for investors. When the Sovereign Sukuk were issued in July 2014 the profit rate was set at 2.036% in line with the yield on gilts of similar maturity, making the investor return on the Sukuk broadly equivalent to that on conventional gilts of similar maturity.</p><p> </p><p>Three central government properties form the underlying assets which underpin the Sukuk.</p><p> </p><p>The Government was clear at the time of issuance that the Sukuk issuance was not for debt financing purposes. Instead, it was issued to deliver on the government’s commitment to become the western hub for Islamic finance. The issuance showed that the UK is open for business with all parts of the world and provided high quality capital to UK-based Islamic banks.</p><p> </p><p>UK based institutions that offer Islamic finance services are contributing to jobs and growth with assets totalling $4.5bn at the end of 2014.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 25405 25555 question first answered 12/02/2016 13:55:38 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	1527 label Biography information for Mr Douglas Carswell

449932

	registered interest
	date	02/02/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services: Islam
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment his Department made of the merits of other potential methods of debt insurance before authorising use of government buildings in London as security for the sukuk bonds.
	tabling member constituency	Clacton
	tabling member printed	Mr Douglas Carswell
	uin	25555
	answer	answer is ministerial correction date of answer 12/02/2016 answer text <p>In the Sukuk structure, rental payments provide the income for investors. When the Sovereign Sukuk were issued in July 2014 the profit rate was set at 2.036% in line with the yield on gilts of similar maturity, making the investor return on the Sukuk broadly equivalent to that on conventional gilts of similar maturity.</p><p> </p><p>Three central government properties form the underlying assets which underpin the Sukuk.</p><p> </p><p>The Government was clear at the time of issuance that the Sukuk issuance was not for debt financing purposes. Instead, it was issued to deliver on the government’s commitment to become the western hub for Islamic finance. The issuance showed that the UK is open for business with all parts of the world and provided high quality capital to UK-based Islamic banks.</p><p> </p><p>UK based institutions that offer Islamic finance services are contributing to jobs and growth with assets totalling $4.5bn at the end of 2014.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 25403 25405 question first answered 12/02/2016 13:55:39 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	1527 label Biography information for Mr Douglas Carswell

450182

	registered interest
	date	03/02/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services Compensation Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the level of potential exposure to risk transferred to the public purse due to the introduction of the Financial Services Compensation Scheme.
	tabling member constituency	Clacton
	tabling member printed	Mr Douglas Carswell
	uin	25582
	answer	answer is ministerial correction date of answer 08/02/2016 answer text <p>The Treasury publishes annually an assessment of risk from the Government’s financial interventions, including the risk borne by the Financial Services Compensation Scheme (FSCS) due to these interventions. This was most recently disclosed in the Treasury Group 2014/15 Annual Accounts published in July last year.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 08/02/2016 16:27:57 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	1527 label Biography information for Mr Douglas Carswell

450183

	registered interest
	date	03/02/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services: Accountancy
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what discussions his Department had with the International Accounting Standards Board on the effect of conversion to IFRS accounting standards for financial services companies on leverage ratios for those companies.
	tabling member constituency	Clacton
	tabling member printed	Mr Douglas Carswell
	uin	25583
	answer	answer is ministerial correction date of answer 08/02/2016 answer text <p>In the UK, listed companies have been required to use International Financial Reporting Standards (IFRS) since 2005. Banks who are not required to use IFRS are able to choose between using IFRS or using UK Generally Accepted Accounting Principles.</p><p> </p><p>This Government has not had any discussions with the International Accounting Standards Board around the effect of companies being required to convert to IFRS, though continues to engage with that body and all others involved in setting standards for the financial services sector.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 08/02/2016 16:29:03 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	1527 label Biography information for Mr Douglas Carswell