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521491

registered interest
date	25/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	UK Consumer Product Recall Review
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government who has regulatory responsibility for approving cross-margining agreements between central clearing houses and the determination of priority in the event of default.
tabling member printed	Lord Myners
uin	HL348
answer	answer is ministerial correction date of answer 06/06/2016 answer text <p>Under European Regulation No 648/2012 (EMIR) CCPs in the UK are regulated by the Bank of England. For other information I refer the noble Lord to my written answers of 1 April (HL7153) and 26 April (HL7583, HL7584, HL7585, and HL7586).</p><p> </p> answering member printed Lord O'Neill of Gatley grouped question UIN HL349 question first answered 06/06/2016 11:48:42 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

521492

registered interest
date	25/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Fire Regulations
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government when they last reviewed the risks posed to financial stability by central clearing houses; and whether such a review took account of the increasing practice of cross-margining linking two or more clearing houses.
tabling member printed	Lord Myners
uin	HL349
answer	answer is ministerial correction date of answer 06/06/2016 answer text <p>Under European Regulation No 648/2012 (EMIR) CCPs in the UK are regulated by the Bank of England. For other information I refer the noble Lord to my written answers of 1 April (HL7153) and 26 April (HL7583, HL7584, HL7585, and HL7586).</p><p> </p> answering member printed Lord O'Neill of Gatley grouped question UIN HL348 question first answered 06/06/2016 11:48:42 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

520588

registered interest
date	23/05/2016
answering body	Foreign and Commonwealth Office
answering dept id	16
answering dept short name	Foreign and Commonwealth Office
answering dept sort name	Foreign and Commonwealth Office
hansard heading	Race in the Workplace Review
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they support Turkey joining the EU, and what pre-conditions they believe should attach to such admission.
tabling member printed	Lord Myners
uin	HL226
answer	answer is ministerial correction date of answer 06/06/2016 answer text <p>The Government supports the process of Turkey’s EU accession, which remains the most effective means of encouraging reform, stability and democracy in Turkey. But as the Prime Minister, my Rt Hon. Friend the Member for Witney (Mr Cameron), has made it clear that the question of Turkey actually joining the EU is ‘not remotely on the cards’, indeed that he does not believe it will happen ‘for decades’. Every Member State has a veto, at every stage of the process.</p><p>Turkey would need to undergo substantial reform before we could consider Turkish accession to the EU, particularly in terms of rule of law, freedom of speech, and socio-economic convergence with EU standards. Furthermore, the Government will not agree to any further EU enlargement without new arrangements for transitional controls on freedom of movement. We do not want to take the risk, as we did in 2004, of very large movements of people after a new accession. Under the European Union Act 2011, any new Accession Treaty would require parliamentary approval by primary legislation before it could be ratified.</p> answering member printed Baroness Anelay of St Johns question first answered 06/06/2016 11:40:55 answering member 3474 label Biography information for Baroness Anelay of St Johns
tabling member	3869 label Biography information for Lord Myners

520589

registered interest
date	23/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Affordable Housing
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 have commenced reviewing the regulatory conditions to be applied to the takeover of the London Stock Exchange by Deutsche Bourse, and whether that takeover can proceed without regulatory approval.
tabling member printed	Lord Myners
uin	HL227
answer	answer is ministerial correction date of answer 02/06/2016 answer text <p>I refer the noble Lord to my written answer of 26 April (HL7583, HL7584, HL7585, and HL7586), and to the investor relations section of the London Stock Exchange Group website, which contains information about the proposed merger, including on the required regulatory approvals.</p><p> </p><p>The timings of the regulatory notifications are a matter for the companies acting in accordance with the relevant legislation.</p><p> </p><p> </p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 02/06/2016 14:05:05 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

518537

registered interest
date	11/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Shareholders: Voting Rights
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they will consider giving the owners of Alternative Tier One instruments capital voting rights in banks which are approaching a contingent convertible conversion point.
tabling member printed	Lord Myners
uin	HL8293
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>The Government does not have plans to propose changes to Additional Tier 1 (AT1) instruments. These instruments have been designed without voting rights for investors because it is necessary for issuing banks to have the capital readily available in times of stress. Introduction of voting rights before a bank reaches a trigger point could undermine the ability to quickly convert these instruments and secure the capital necessary to prevent additional stress.</p> answering member printed Lord O'Neill of Gatley question first answered 12/05/2016 10:23:28 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

518489

registered interest
date	10/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Credit
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what assessment they have made of the growth in private sector credit; the use of lending strategies by banks; payday lenders and peer-to-peer lenders; and risks to family finances and financial stability.
tabling member printed	Lord Myners
uin	HL8288
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>Private credit growth grew at 3.7% in the year to March, below the 2003-08 average of 11.5%. Industry sources such as Nesta estimate that peer-to-peer lending for consumers and business facilitated £2.4 billion of gross lending in 2015, 85% higher than in 2014. The volume of payday lending fell 35% in the first six months after the government transferred regulatory responsibility of the consumer credit market to the Financial Conduct Authority in April 2014.</p><p> </p><p>The government created the independent Financial Policy Committee (FPC) to ensure we don’t repeat the mistakes of the past, and they have judged that financial stability risks from domestic credit growth are not elevated. The FPC has already taken action on loan-to-income ratios and mortgage affordability to ensure against risks from indebted households, and interest payments as a proportion of household income have fallen to a record low of 4.7% in Q4 2015, compared to 10.6% in Q1 2008.</p> answering member printed Lord O'Neill of Gatley question first answered 12/05/2016 10:20:56 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

518490

registered interest
date	10/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Banks: Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they are monitoring the lending practices of "challenger banks" particularly with regard to their use of high loan-to-value ratios and low value-to-income ratios, and whether they forecast the risks to family finances of borrowing and to the economy of rising impairment to bank balance sheets.
tabling member printed	Lord Myners
uin	HL8289
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>This Government has fundamentally reformed the UK’s system of financial regulation.</p><p> </p><p>We established the Financial Policy Committee (FPC) to act as the UK’s macroprudential authority, tasked with identifying, monitoring and addressing systemic risks to financial stability. This involves monitoring levels of leverage, debt or credit growth of all banks active in the UK, including so-called “challenger banks”.</p><p> </p><p>In June 2014, the FPC took action to limit mortgage lending at high loan-to-income ratios; this action provided insurance against a rise in the number of highly indebted households.</p><p>We also established the Prudential Regulation Authority (PRA) as the UK’s micro-prudential regulator, responsible for promoting the safety and soundness of the individual firms it regulates, through minimising the risk they pose to financial stability.</p><p> </p><p>The FPC’s latest assessment of financial stability risks from UK credit growth can be found in the record of its March 2016 meeting, which is available on the Bank of England’s website.</p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 12/05/2016 10:12:11 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

518491

registered interest
date	10/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Economic and Monetary Union
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether British banks or the public purse could be compelled to participate in a scheme to rescue a failing bank based in the Eurozone to make a new contribution of equity, accept haircuts on assets or be forced into debt for equity conversions.
tabling member printed	Lord Myners
uin	HL8290
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>The Government has ensured that the UK will never be required to pay for any future Eurozone bail outs.</p><p> </p><p>The Bank Recovery and Resolution Directive (BRRD) requires Member States to put in place a bail-in tool, which will allow resolution authorities to write down liabilities in a failing bank and convert their debt instruments into equity. The BRRD represents an important step forward in ensuring that the EU effectively addresses the risks posed by the banking system.</p> answering member printed Lord O'Neill of Gatley question first answered 12/05/2016 10:10:31 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

518104

registered interest
date	09/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	London Stock Exchange: Deutsche Borse
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what assessment they have made of reports that the London Stock Exchange estimates that its acquisition by Deutsche Bourse will lead to a reduction of £7 billion in the margin capital available to protect the financial system from the consequences of counterparty failure, and of whether such a reduction in collateral represents an unacceptable increase in systemic risk.
tabling member printed	Lord Myners
uin	HL8264
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>Central Counterparties (CCPs) play a central role in modern financial markets. As the Prime Minster has made clear, the UK’s new settlement with the EU ensures UK firms, including CCPs, will never face any discrimination for being outside the Eurozone.</p><p> </p><p>I refer the noble Lord also to my written answer of 1 April (HL7153).</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL8269 question first answered 12/05/2016 10:21:47 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

518105

registered interest
date	09/05/2016
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	British Home Stores: Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they, the Pensions Regulator, or the Pension Protection Fund have in the last three years had discussions with BHS, Lady Green or Sir Philip Green concerning the deficit in the BHS pension fund and a scheme to reduce that deficit.
tabling member printed	Lord Myners
uin	HL8265
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>The Pensions Regulator and the Pension Protection Fund are independent bodies and in carrying out their functions they may meet individuals involved with pension schemes.</p><p> </p><p>Ministers have engaged with a range of sponsoring employers of Defined Benefit pensions schemes as a matter of routine, including Sir Philip Green, as part of their normal considerations of the pensions landscape but oversight of the scheme funding regime for Defined Benefit schemes is a matter for the Pensions Regulator. It would not be appropriate for Ministers to intervene in individual cases or to discuss with the Regulator, the Pension Protection Fund or the scheme sponsor how a particular scheme’s pension deficit should be mitigated.</p><p><strong> </strong></p><p> </p><p><strong> </strong></p> answering member printed Baroness Altmann question first answered 12/05/2016 10:10:01 answering member 4533 label Biography information for Baroness Altmann
tabling member	3869 label Biography information for Lord Myners