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1128143

registered interest
date	23/05/2019
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: Loans
house id	2
legislature	25277 pref label House of Lords
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.
tabling member printed	Lord Myners
uin	HL15957
answer	answer is ministerial correction date of answer 04/06/2019 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 question first answered 04/06/2019 16:03:29 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1128010

registered interest
date	21/05/2019
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: Loans
house id	2
legislature	25277 pref label House of Lords
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.
tabling member printed	Lord Myners
uin	HL15895
answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The Government sought commercial and legal advice from external independent advisers. Exact costs have not been finalised.</p> answering member printed Lord Henley question first answered 04/06/2019 16:05:40 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1128011

registered interest
date	21/05/2019
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: Loans
house id	2
legislature	25277 pref label House of Lords
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.
tabling member printed	Lord Myners
uin	HL15896
answer	answer is ministerial correction date of answer 04/06/2019 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> answering member printed Lord Henley question first answered 04/06/2019 16:09:15 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners