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1132222

registered interest
date	14/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	British Steel: Loans
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the effect of the £120 million Government loan to British Steel in May 2019 on that company's viability; and what assessment he has made of the role of Greybull Capital in that company's insolvency.
tabling member constituency	Ealing Central and Acton
tabling member printed	Dr Rupa Huq
uin	264789
answer	answer is ministerial correction date of answer 20/06/2019 answer text <p>As the Secretary of State for BEIS set out in his statement to the House on 1 May, the government entered into a commercial agreement with British Steel on 23 April, which provided a short term bridge facility valued at around £120 million. This ensured the company met its obligations under the EU Emissions Trading Scheme for the 2018 scheme year.</p><p> </p><p>Following the recent insolvency of British Steel, the government has indemnified the Official Receive to carry out its statutory duties as liquidator. The Official Receiver is required by law to investigate the reasons for the failure of any company that enters compulsory liquidation.</p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 20/06/2019 13:37:12 answering member 4097 label Biography information for Elizabeth Truss
tabling member	4511 label Biography information for Dr Rupa Huq

1131475

registered interest
date	11/06/2019
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, further to the Written Answer by Lord Henley on 22 May (HL15809), whether the review and assessment process followed by the British Business Bank also applied to the process supporting their grant of a £120 million loan to British Steel; and whether that process included a review of the (1) capital structure, (2) tax planning, and (3) managerial record, of Greybull Capital and its associates.
tabling member printed	Lord Myners
uin	HL16269
answer	answer is ministerial correction date of answer 20/06/2019 answer text <p>The British Business Bank was not involved.</p> answering member printed Lord Henley question first answered 20/06/2019 11:30:04 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1131479

registered interest
date	11/06/2019
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, further to the Written Answer by Lord Henley on 6 June (HL15957), whether the placement of British Steel in receivership on 25 May (1) disqualifies that company from receiving, or (2) places it at risk of not receiving, 2019 carbon credits; if so, what are the implications for the £120 million loan they made to British Steel; and whether they will now answer the original question put, namely, whether that loan was guaranteed by Greybull Capital or related parties.
tabling member printed	Lord Myners
uin	HL16273
answer	answer is ministerial correction date of answer 20/06/2019 answer text <p>The Deed of Forfeiture bridge facility agreed between Government and British Steel Limited provides legal protections to give Government control of 2019 EU ETS allowances, even under the scenario of insolvency.</p><p> </p><p>Under the Deed of Forfeiture agreed between the company and British Steel Limited, 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. Greybull are not party to this Deed of Forfeiture, and as a result of the liquidation, day-to-day control has passed to the liquidator of British Steel Limited.</p><p> </p><p>The terms of the commercial agreement between 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 20/06/2019 11:29:54 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1129546

registered interest
date	04/06/2019
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 the recent loan of £120 million to enable British Steel to meet its emissions trading compliance costs required a Ministerial direction.
tabling member printed	Lord Myners
uin	HL16031
answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>The Secretary of State for Business, Energy and Industrial Strategy has not issued any Ministerial Directions in respect of British Steel.</p><p>This loan agreement was fully commercial and state aid compliant, valued at around £120m, under Section 7 of the Industrial Development Act 1982. Under the agreement the Government purchased emissions allowances on behalf of British Steel ensuring it met its 2018 ETS obligations. Failure to comply with its ETS obligations would have led to a fine of around £500m, on top of the costs of ETS compliance of around £120m.</p><p>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 allowances for British Steel. The Government’s view is that the 2019 allowances will still be issued to British Steel in insolvency.</p><p>The Government’s assessment is that the Deed of Forfeiture offered value for money to the taxpayer, with benefits exceeding the costs, predicated on the level of confidence around security, even in the event of insolvency.</p><p>This position was supported by the independent Industrial Development Advisory Board which assessed the proposal in their statutory role and agreed with the Government’s value for money assessment.</p><p> </p><p> </p><p> </p> answering member printed Lord Henley question first answered 18/06/2019 16:50:34 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1129547

registered interest
date	04/06/2019
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 civil servants expressed any concerns about the loan made to British Steel to enable it to meet its emissions trading compliance costs; and whether this loan is subject to enforceable security.
tabling member printed	Lord Myners
uin	HL16032
answer	answer is ministerial correction date of answer 12/06/2019 answer text <p>I refer the Noble Lord to the answer I gave him on 4<sup>th</sup> June 2019 to Question HL15896, and to 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, placed in the Libraries of both Houses, outlining the terms of the Deed of Forfeiture bridge facility agreed between Government and British Steel.</p><p> </p><p>The Deed of Forfeiture provides legal protections to give Government control of 2019 EU ETS allowances, even under the scenario of insolvency.</p> answering member printed Lord Henley question first answered 12/06/2019 15:12:11 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

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