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1122891

registered interest
date	24/04/2019
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	British Steel: Carbon Emissions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they have had any discussions with British Steel or its owners Greybull Capital in connection with the sale by British Steel of its carbon credits; and whether they propose to lend money to those parties or otherwise provide funding.
tabling member printed	Lord Myners
uin	HL15282
answer	answer is ministerial correction date of answer 09/05/2019 answer text <p>I refer the noble Lord to the statement made by my rt. hon. Friend the Secretary of State on 1<sup>st</sup> May 2019, <em>Official Report, Column 209-211</em>, on British Steel: EU Emissions Trading Compliance.</p> answering member printed Lord Henley question first answered 09/05/2019 11:05:34 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1122892

registered interest
date	24/04/2019
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Monarch Airlines: Insolvency
house id	2
legislature	25277 pref label House of Lords
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.
tabling member printed	Lord Myners
uin	HL15283
answer	answer is ministerial correction date of answer 09/05/2019 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 grouped question UIN HL15293 question first answered 09/05/2019 14:24:37 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3869 label Biography information for Lord Myners

1122895

registered interest
date	24/04/2019
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Company Voluntary Arrangements
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they intend to commission a review of the use of Company Voluntary Arrangements (CVAs), in particular to consider whether CVAs are used in good faith by landlords who have weakened the lessor covenant through previous payments of high dividends or capital distributions.
tabling member printed	Lord Myners
uin	HL15286
answer	answer is ministerial correction date of answer 09/05/2019 answer text <p>Company Voluntary Arrangements (CVAs) are a valuable part of the restructuring framework and there are no plans to review their use at this time. The Government consulted on a wide-ranging package of reforms to corporate insolvency in 2018, to enhance rescue prospects and also to address poor corporate behaviour. Following this consultation, Government announced it will strengthen the powers available to insolvency practitioners to take recovery action where value has been extracted from a company prior to its insolvency, thereby increasing the protections already available to creditors. These proposals will be introduced when parliamentary time permits.</p> answering member printed Lord Henley question first answered 09/05/2019 11:07:32 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1122902

registered interest
date	24/04/2019
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Monarch Airlines: Insolvency
house id	2
legislature	25277 pref label House of Lords
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.
tabling member printed	Lord Myners
uin	HL15293
answer	answer is ministerial correction date of answer 09/05/2019 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 grouped question UIN HL15283 question first answered 09/05/2019 14:24:38 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3869 label Biography information for Lord Myners

1122917

registered interest
date	24/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Asset Life
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they, or the Financial Conduct Authority, are investigating the activities of Asset Life and the suitability of its directors.
tabling member printed	Lord Myners
uin	HL15308
answer	answer is ministerial correction date of answer 08/05/2019 answer text <p>This question has been passed on to the Financial Conduct Authority (FCA). The FCA will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Young of Cookham question first answered 08/05/2019 12:55:24 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1108861

registered interest
date	01/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Individual Savings Accounts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what investigations they have initiated into the authorisation by the Financial Conduct Authority for London Capital and Finance to offer ISA investments.
tabling member printed	Lord Myners
uin	HL14968
answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>On 1 April, the Economic Secretary announced that he will use powers under the Financial Services Act 2012 to direct the Financial Conduct Authority (FCA) to launch an investigation into the events at London Capital &amp; Finance and the circumstances surrounding them. This followed a request from the FCA Chair, Charles Randell, to the Economic Secretary to launch such an investigation.</p><p> </p><p>Approval to act as an ISA manager is granted by Her Majesty’s Revenue and Customs (HMRC). When considering an application, HMRC undertakes checks to ensure that applicants hold the appropriate regulatory permissions from the FCA.</p><p> </p><p>Once approval is granted, ISA managers must administer the ISA scheme in accordance with the ISA legislation. HMRC has a range of powers to tackle non-compliance with the rules, including withdrawing permission to act as an ISA manager, voiding non-compliant ISAs and reclaiming any incorrectly paid tax relief.</p> answering member printed Lord Bates question first answered 15/04/2019 14:42:35 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

1108862

registered interest
date	01/04/2019
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Company Voluntary Arrangements
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they will review the use of Company Voluntary Arrangements (CVA) and the impact on creditors when company owners have removed significant equity via dividends or capital reconstruction ahead of the CVA process.
tabling member printed	Lord Myners
uin	HL14969
answer	answer is ministerial correction date of answer 08/04/2019 answer text <p>The Government consulted on a wide-ranging package of reforms to corporate insolvency generally in 2018 and there are no plans to review the use of Company Voluntary Arrangements (CVA’s) at this time. CVA’s are a valuable part of the restructuring framework. Following this consultation, Government announced it will strengthen the powers available to insolvency practitioners to take recovery action where value has been extracted from a company prior to its insolvency, thereby increasing the protections already available to creditors. These proposals will be introduced when parliamentary time permits.</p> answering member printed Lord Henley question first answered 08/04/2019 16:11:03 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1104663

registered interest
date	25/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they intend to launch an independent review into the Financial Conduct Authority's regulatory oversight of London Capital and Finance Plc.
tabling member printed	Lord Myners
uin	HL14788
answer	answer is ministerial correction date of answer 08/04/2019 answer text <p>On 1 April, the Economic Secretary announced that he will use powers under the Financial Services Act 2012 to direct the Financial Conduct Authority (FCA) to launch an investigation into the events at London Capital &amp; Finance and the circumstances surrounding them. This followed a request from the FCA Chair, Charles Randell, to the Economic Secretary to launch such an investigation.</p><p> </p><p>The investigation will be led by an independent person appointed by the FCA, with the approval of HM Treasury.</p> answering member printed Lord Bates question first answered 08/04/2019 16:53:27 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners

1104664

registered interest
date	25/03/2019
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Arcadia Group: Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they have made any representations to, or met, the Pensions Regulator in the last three months in connection with Arcadia Group.
tabling member printed	Lord Myners
uin	HL14789
answer	answer is ministerial correction date of answer 04/04/2019 answer text <p>The Pensions Regulator carries out its functions independently. The Department has not made any representations to the Pensions Regulator in relation to the Arcadia Group in the last three months.</p> answering member printed Baroness Buscombe question first answered 04/04/2019 16:46:09 answering member 3349 label Biography information for Baroness Buscombe
tabling member	3869 label Biography information for Lord Myners

1104665

registered interest
date	25/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Works Loan Board
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government who is responsible for setting the credit risk budget for the Public Works Loan Board; who has responsibility for lending decisions; and when they last assessed the role of that Board in delivering public policy and fiscal management targets.
tabling member printed	Lord Myners
uin	HL14790
answer	answer is ministerial correction date of answer 08/04/2019 answer text <p>The Public Works Loan Board (PWLB) is a statutory body that issues loans to local authorities, and other specified bodies in England, Scotland and Wales. The PWLB’s policy framework is set by HM Treasury.</p><p> </p><p>Responsibility for local authority spending and borrowing decisions lie with locally-elected council members, who are democratically accountable to their electorates. Since 2004, major local authorities have been able to borrow without government consent provided they can afford the borrowing costs. Local authorities are required to have regard to the Prudential Code and statutory guidance when they borrow from the PWLB or from any other lender. The Prudential Code and statutory guidance were updated in 2018 to increase transparency and accountability, and ensure that local authorities take investment decisions after careful consideration of risk and proportionality. Before it can advance a loan, the PWLB requires formal assurance from the authority that the loan is within their borrowing powers and the relevant legislation.</p><p> </p><p>As with all policies, the government keeps the lending policy for the PWLB under review.</p> answering member printed Lord Bates question first answered 08/04/2019 15:35:36 answering member 1091 label Biography information for Lord Bates
tabling member	3869 label Biography information for Lord Myners