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1606427

registered interest
date	22/03/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what the value of Additional Tier 1 bonds supporting UK banks is; and what assessment he has made of the potential impact of the takeover of Credit Suisse on UK Banks' ability to issue those bonds in the future.
tabling member constituency	Vale of Glamorgan
tabling member printed	Alun Cairns
uin	171396
answer	answer is ministerial correction date of answer 27/03/2023 answer text <p>As noted by the Chancellor on Monday 20 March, the Government welcomes the steps taken by the Swiss authorities in relation to Credit Suisse to support financial stability.</p><p> </p><p>The Bank of England published a statement to reiterate the creditor hierarchy in the UK. The statement confirmed that Additional Tier 1 (AT1) instruments rank ahead of Common Equity Tier 1 (CET1) and behind Tier 2 (T2) instruments in the insolvency creditor hierarchy. Holders of such instruments should expect to be exposed to losses in resolution or insolvency in the order of their positions in this hierarchy.</p><p> </p><p>The Prudential Regulation Authority is responsible for supervising UK banks’ capital adequacy requirements. The Bank of England's quarterly statistical release shows that the value of Additional Tier 1 capital in the UK banking sector was £67 billion as at Q3 2022. This figure includes both externally issued and intragroup capital instruments.</p><p> </p><p>The Governor of the Bank of England has confirmed that the UK banking system remains safe, sound and well capitalised.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 171395 question first answered 27/03/2023 14:26:40 answering member 4874 label Biography information for Andrew Griffith
tabling member	4086 label Biography information for Alun Cairns

1541920

registered interest
date	14/11/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the amount of public funds that commercial banks will receive as a result of expected interest rate increases in the next 12 months; and what assessment he has made of the impact of that on his policies.
tabling member constituency	Liverpool, Walton
tabling member printed	Dan Carden
uin	86576
answer	answer is ministerial correction date of answer 17/11/2022 answer text <p>The Bank transmits Bank Rate to the economy in part through the remuneration and supply of central bank reserves. Much of these reserves have funded asset purchases made by the Asset Purchase Facility (APF), which is a Bank of England facility, principally used as the vehicle for Quantitative Easing, which is a monetary policy tool used by the independent Monetary Policy Committee.</p><p>The reserves created to implement this tool pay Bank Rate to institutions holding these reserves, particularly commercial banks. HM Treasury agreed to indemnify the Asset Purchase Facility against any profits or losses when it was set up in 2009.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 17/11/2022 13:51:35 answering member 4874 label Biography information for Andrew Griffith
tabling member	4651 label Biography information for Dan Carden

1490043

registered interest
date	18/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, which industry stakeholders his Department met with ahead of the Bank of England's review of its approach to setting a minimum requirement for own funds and eligible liabilities (MREL).
tabling member constituency	Wolverhampton South East
tabling member printed	Pat McFadden
uin	38589
answer	answer is ministerial correction date of answer 21/07/2022 answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.</p><p> </p><p>Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:</p><p> </p><p><a href="https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel" target="_blank"><em>https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</em></a></p> answering member constituency North East Bedfordshire answering member printed Richard Fuller question first answered 21/07/2022 13:56:25 answering member 3912 label Biography information for Richard Fuller
tabling member	1587 label Biography information for Pat McFadden

1185139

registered interest
date	16/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Finance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether it is their policy to use counter cyclical capital adjustments for banks to enhance resilience in order to cope with economic downturns; and whether they mandate regular stress tests.
tabling member printed	Lord Myners
uin	HL2641
answer	answer is ministerial correction date of answer 26/03/2020 answer text <p>The Financial Policy Committee (FPC) of the Bank of England is prescribed the power to set the countercyclical capital buffer (CCyB) rate for the United Kingdom. The FPC has set out its approach to the use of the CCyB in a Policy Statement published in April 2016 on the Bank of England website. As part of a wider package of measures announced by the Bank of England’s policy committees in response to the economic shock of Covid-19, the FPC reduced the UK CCyB to 0% on 11 March. This will support up to £190 billion of bank lending to businesses.</p><p> </p><p>The Bank of England undertakes an annual stress test of major UK banks to examine the potential impact of a hypothetical adverse scenario on the resilience of the banking system. The 2019 stress test showed the banking system to be resilient to a scenario encompassing deep simultaneous recessions in the UK and global economies that are more severe overall than the global financial crisis, combined with large falls in asset prices and a separate stress of misconduct costs. On 20 March the Bank of England announced it would cancel the 2020 stress test to ensure lenders can focus on meeting the needs of UK households and businesses through the economic shock caused by Covid-19.</p> answering member printed Lord Agnew of Oulton question first answered 26/03/2020 16:37:09 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1005688

registered interest
date	12/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Finance
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 progress of UK banks in ring-fencing retail services from investment banking.
tabling member constituency	Brentford and Isleworth
tabling member printed	Ruth Cadbury
uin	190479
answer	answer is ministerial correction date of answer 19/11/2018 answer text <p>Under the 2012 Financial Services (Banking Reform) Act large UK banks with retail deposits totalling more than £25 billion are required to ring-fence the deposits of individuals and small businesses from other activities within their groups, such as investment and international banking.</p><p> </p><p>All banks within scope of the ring-fencing regime have successfully completed the necessary restructuring of their operations in advance of the regime coming into force in January 2019. This includes moving customers from one part of the bank to another, changing over a million sort codes and the joining of both UK and international payment systems to facilitate operational separation. The banks have also completed large technology migrations as part of the changes to their internal processes</p><p> </p><p>By insulating these core banking services in a separate legal entity, ring-fencing will support continuity of provision of vital services to the economy if there are shocks originating elsewhere in the group and the global financial system. It will also make banks that provide these essential services simpler and more resolvable and therefore prevent the costs of failing banks falling on taxpayers.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/11/2018 16:22:17 answering member 4051 label Biography information for John Glen
tabling member	4389 label Biography information for Ruth Cadbury

1002211

registered interest
date	05/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Finance
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 European Banking Authority's recent analysis of the strength of UK banks in adverse scenarios.
tabling member printed	Lord Birt
uin	HL11232
answer	answer is ministerial correction date of answer 19/11/2018 answer text <p>The Government supports the use of stress tests as a tool to ensure the ongoing resilience of the European Union’s banking sector. Well capitalised banks, under a robust regulatory framework, are better able to lend to the economy, supporting jobs and growth. A full response to the European Banking Authority’s (EBA) report has been published by the Bank of England (BoE). The BoE noted that the results of the latest EBA test confirmed the results of earlier BoE stress tests that the participating UK banks would be resilient to a severe economic and market stress. The BoE will publish the results for its next annual stress tests on 5 December.</p> answering member printed Lord Bates question first answered 19/11/2018 16:22:02 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt