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1128143
registered interest false more like this
date less than 2019-05-23more like thismore than 2019-05-23
answering body
Department for Business, Energy and Industrial Strategy more like this
answering dept id 201 more like this
answering dept short name Business, Energy and Industrial Strategy more like this
answering dept sort name Business, Energy and Industrial Strategy more like this
hansard heading British Steel: Loans remove filter
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government to which company in the British Steel group of companies they extended a loan of £120 million for the purchase of carbon credits; whether that loan was guaranteed by Greybull Capital and associates; whether the borrower benefited from, or was exposed to, guarantees to other British Steel and Greybull Capital parties; and when that loan was drawn down. more like this
tabling member printed
Lord Myners more like this
uin HL15957 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-04more like thismore than 2019-06-04
answer text <p>The support was provided to British Steel Limited in the form of a bridge facility. Under the terms of the commercial arrangement, the Government purchased the necessary allowances on behalf of British Steel Limited in the week leading up to 30 April and then surrendered them, via British Steel Limited's Operator Holding Account, to the EU Surrender Account. This occurred before the 30th April compliance deadline to surrender allowances for the 2018 reporting year, thus enabling British Steel Limited to meet its environmental obligations and avoid any penalties that would otherwise have resulted from non-compliance. In return, under a deed of forfeiture, the company’s 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing the allowances.</p><p> </p><p>The terms of the commercial agreement between the Government and British Steel are set out in letters from the Permanent Secretary of the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller &amp; Auditor General, copies of which have been placed in the Libraries of both Houses.</p>
answering member printed Lord Henley more like this
question first answered
less than 2019-06-04T16:03:29.613Zmore like thismore than 2019-06-04T16:03:29.613Z
answering member
2616
label Biography information for Lord Henley more like this
tabling member
3869
label Biography information for Lord Myners more like this
1128010
registered interest false more like this
date less than 2019-05-21more like thismore than 2019-05-21
answering body
Department for Business, Energy and Industrial Strategy more like this
answering dept id 201 more like this
answering dept short name Business, Energy and Industrial Strategy more like this
answering dept sort name Business, Energy and Industrial Strategy more like this
hansard heading British Steel: Loans remove filter
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government whether they used external independent advisers in connection with the evaluation of British Steel's applications for financial support over the last three months; and, if so, (1) who those advisers were, and (2) how much they were paid. more like this
tabling member printed
Lord Myners more like this
uin HL15895 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-04more like thismore than 2019-06-04
answer text <p>The Government sought commercial and legal advice from external independent advisers. Exact costs have not been finalised.</p> more like this
answering member printed Lord Henley more like this
question first answered
less than 2019-06-04T16:05:40.227Zmore like thismore than 2019-06-04T16:05:40.227Z
answering member
2616
label Biography information for Lord Henley more like this
tabling member
3869
label Biography information for Lord Myners more like this
1128011
registered interest false more like this
date less than 2019-05-21more like thismore than 2019-05-21
answering body
Department for Business, Energy and Industrial Strategy more like this
answering dept id 201 more like this
answering dept short name Business, Energy and Industrial Strategy more like this
answering dept sort name Business, Energy and Industrial Strategy more like this
hansard heading British Steel: Loans remove filter
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government what assurance they received that the terms on which they provided financial support to British Steel were at commercial rates. more like this
tabling member printed
Lord Myners more like this
uin HL15896 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-04more like thismore than 2019-06-04
answer text <p>The agreement between the Government and British Steel regarding their EU Emissions Trading Scheme compliance was fully commercial and state aid compliant, under Section 7 of the Industrial Development Act 1982.</p><p>The terms of the commercial agreement are set out in letters from the Permanent Secretary to the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller &amp; Auditor General, copies of which have been placed in the libraries of both Houses.</p><p>The Government carried out all of the necessary checks and due diligence which a typical commercial lender would undertake in relation to the company before making a commercial offer, including working closely with legal and commercial advisors to scrutinise the terms of the transaction.</p><p>The Deed of Forfeiture contains the terms and conditions which would be required by a commercial lender.</p> more like this
answering member printed Lord Henley more like this
question first answered
less than 2019-06-04T16:09:15.11Zmore like thismore than 2019-06-04T16:09:15.11Z
answering member
2616
label Biography information for Lord Henley more like this
tabling member
3869
label Biography information for Lord Myners more like this