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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

1127438

registered interest
date	20/05/2019
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 took into consideration British Steel’s acquisition of Ascoval when reaching their decision on lending to that company.
tabling member printed	Lord Myners
uin	HL15849
answer	answer is ministerial correction date of answer 03/06/2019 answer text <p>The purchase of Ascoval was undertaken by the shareholder, and not by British Steel.</p> answering member printed Lord Henley question first answered 03/06/2019 11:17:09 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1127256

registered interest
date	16/05/2019
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	Tax Avoidance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they make an assessment of the culture towards tax compliance of private sector companies who apply to them for loans and credit support; and whether they (1) have, and (2) will, reject applications from those judged to be overly aggressive in tax planning or subject to unacceptably high management charges from related offshore parties.
tabling member printed	Lord Myners
uin	HL15809
answer	answer is ministerial correction date of answer 28/05/2019 answer text <p>Through the British Business Bank, financial support to small businesses is facilitated via a number of delivery partners who provide a range of debt and equity finance.</p><p> </p><p>The British Business Bank has a thorough due diligence process for its delivery partners which includes a robust review and assessment framework for how delivery partners award the finance, monitored through independent auditors. The British Business Bank also has a tax policy that is published in the transparency section of its website.</p> answering member printed Lord Henley question first answered 28/05/2019 14:21:14 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1127257

registered interest
date	16/05/2019
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, in extending credit to British Steel, they took into account (1) the management of the borrower, (2) the value for money provided by Greybull Capital in respect of their management charges and other related party transfers, and (3) the use of a capital structure by British Steel that requires interest payments to Greybull parties based offshore.
tabling member printed	Lord Myners
uin	HL15810
answer	answer is ministerial correction date of answer 29/05/2019 answer text <p>I refer the noble Lord to the answer I gave to him on 10 May 2019 to Question HL15469.</p> answering member printed Lord Henley question first answered 29/05/2019 15:49:41 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1126718

registered interest
date	14/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they have modelled the systemic risk impact of growth in instructional, non bank, lending.
tabling member printed	Lord Myners
uin	HL15735
answer	answer is ministerial correction date of answer 22/05/2019 answer text <p>The Financial Policy Committee (FPC) of the Bank of England was set up to identify, monitor and take action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system as part of the new financial regulatory framework legislated for under The Financial Services Act 2012. Part of the FPC’s remit includes the responsibility for assessing risks in the financial system, including from the non-bank financial system. The FPC set out its most recent assessment of financial stability risks from the non-bank financial sector in its 28th November 2018 Financial Stability Report.</p> answering member printed Lord Young of Cookham question first answered 22/05/2019 16:28:54 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1126719

registered interest
date	14/05/2019
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 the proposed independent review of the Financial Conduct Authority's (FCA) supervision of London Capital and Finance will be supported by (1) an independent secretariat, or (2) secondees from the (a) FCA, (b) Prudential Regulation Authority, (c) HM Treasury, or (d) Bank of England.
tabling member printed	Lord Myners
uin	HL15736
answer	answer is ministerial correction date of answer 23/05/2019 answer text <p>On 23<sup>rd</sup> May, the Economic Secretary to the Treasury laid before Parliament a Direction requiring the Financial Conduct Authority (FCA) to carry out an independent investigation into the events and circumstances surrounding the failure of London Capital and Finance. The operational resourcing of this investigation will be a matter for the FCA and Dame Elizabeth Gloster, the independent investigator it appointed.</p> answering member printed Lord Young of Cookham question first answered 23/05/2019 16:38:21 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1125850

registered interest
date	09/05/2019
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	Takeovers: Conflict of Interests
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they intend to undertake a review of the management of conflicts of interest arising when, in a contested takeover situation, institutional investors hold shares for clients, or under their own account, in both the bidder and target companies.
tabling member printed	Lord Myners
uin	HL15640
answer	answer is ministerial correction date of answer 20/05/2019 answer text <p>It is not uncommon for some investors to hold shares in both the bidder and target companies and rules mandated by the Financial Conduct Authority provide transparency to the market about share ownership. Takeover decisions are ultimately a matter for shareholders and the UK’s takeover rules require bidders to secure the approval of a majority of shareholders in the target company.</p> answering member printed Lord Henley question first answered 20/05/2019 16:06:53 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1125507

registered interest
date	08/05/2019
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	West Coast Partnership Rail Franchise
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether FirstGroup has met all Department of Transport criteria on railways pensions as a shortlisted bidder for the West Coast Partnership rail franchise.
tabling member printed	Lord Myners
uin	HL15602
answer	answer is ministerial correction date of answer 22/05/2019 answer text <p>The Department does not comment on a live competition. Please note that all bids received for any franchise competition are evaluated against the requirements and instructions set out in the relevant Invitation To Tender.</p><p> </p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 22/05/2019 14:21:03 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3869 label Biography information for Lord Myners

1124419

registered interest
date	01/05/2019
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 Treasury ministers or officials have been in discussions with the Financial Conduct Authority (FCA) about the establishment by the latter of an independent review into the FCA’s supervision of London Capital & Finance; and why the terms of reference of the review and the identity of the independent reviewer have not yet been published.
tabling member printed	Lord Myners
uin	HL15468
answer	answer is ministerial correction date of answer 15/05/2019 answer text <p>This Government takes the failure of London Capital &amp; Finance (LCF) and its impact on consumers very seriously. The independent investigation will seek to better understand the circumstances around the collapse of LCF and make sure we are properly protecting those who invest their money in the future.</p><p>It is essential that the terms of the investigation are set in a way that ensures these objectives are met and take into account any issues arising from current regulatory and enforcement investigations. HM Treasury officials are working to develop these with the relevant bodies as a matter of priority. Further details on this investigation, including the appointment of the independent investigator, will be published shortly.</p> answering member printed Lord Young of Cookham question first answered 15/05/2019 11:31:21 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners