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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

518106

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 the BHS pension fund has now transferred to the Pension Protection Fund (PPF) or whether the owner, former owner, or secured creditors are still able to make a financial contribution to obviate a need to transfer the fund to the PPF.
tabling member printed	Lord Myners
uin	HL8266
answer	answer is ministerial correction date of answer 11/05/2016 answer text <p>The BHS pension schemes are in Pension Protection Fund (PPF) assessment periods. During this period the schemes are able to accept contributions from the sponsoring employer to cover its debts to the schemes. They are also able to receive recoveries as a creditor or through the use of the Regulator’s powers. If the scheme assets are shown to be sufficient to buy its members annuities at least as good as the compensation paid by the PPF, the scheme will not transfer into the PPF.</p><p><strong> </strong></p> answering member printed Baroness Altmann question first answered 11/05/2016 14:45:49 answering member 4533 label Biography information for Baroness Altmann
tabling member	3869 label Biography information for Lord Myners

518107

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	Credit Cards
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they plan to investigate the growth in the number of banks offering unsecured credit cards with interest and principal payment grace periods of more than three years, in the light of the most recent report by MoneyFacts.
tabling member printed	Lord Myners
uin	HL8267
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market, which includes the credit card sector. Consumer credit regulation transferred from the Office of Fair Trading to the Financial Conduct Authority (FCA) on 1 April 2014.</p><p> </p><p>The FCA is currently undertaking a thorough review of the credit card market through its ‘credit card market study’. On 3 November 2015 the FCA published its interim report which found that the market was working reasonably well for most customers.</p> answering member printed Lord O'Neill of Gatley question first answered 12/05/2016 10:19:59 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

518108

registered interest
date	09/05/2016
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	Retail Trade: Voucher Schemes
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they will investigate the case for sales of gift vouchers by retailers to be backed by cash collateral held in independent escrow.
tabling member printed	Lord Myners
uin	HL8268
answer	answer is ministerial correction date of answer 11/05/2016 answer text <p>Her Majesty’s Government has asked the Law Commission to consider the treatment of gift vouchers and pre-payments in the event of retailer insolvency. The Government will consider carefully any recommendations that may emerge on this question once the Law Commission’s report is published in the summer of 2016.</p> answering member printed Baroness Neville-Rolfe question first answered 11/05/2016 11:39:32 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	3869 label Biography information for Lord Myners

518109

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	Central Counterparties
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what assessment they have made of whether the presence in the UK of a counterparty clearing house is necessary to the success of the UK as an international financial centre, and whether the presence of such a clearing house is protected by the new settlement for the UK in the EU.
tabling member printed	Lord Myners
uin	HL8269
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 HL8264 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

516984

registered interest
date	03/05/2016
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 will review, or charge others to review, the performance of the trustees of the BHS pension schemes, and whether the current trustees are fit and proper to continue performing that role at BHS and other pension schemes.
tabling member printed	Lord Myners
uin	HL8139
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>The investigation into the BHS pension schemes, including the role of the trustees, is a matter for the independent Pensions Regulator.</p><p> </p><p> </p><p>The actions of the trustees and competence of the trustees are among the issues that we would expect the Regulator to be considering as part of its investigations.</p> answering member printed Baroness Altmann question first answered 12/05/2016 10:03:40 answering member 4533 label Biography information for Baroness Altmann
tabling member	3869 label Biography information for Lord Myners

516985

registered interest
date	03/05/2016
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	Retail Acquisitions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they will investigate the compliance of professional advisers to Retail Acquisitions with know-your-customer and money-laundering regulations.
tabling member printed	Lord Myners
uin	HL8140
answer	answer is ministerial correction date of answer 10/05/2016 answer text <p>A regulatory framework is in place to deal with non-compliance with know-your-customer and money-laundering regulations. However, this is not the focus of the current investigation by the Insolvency Service into BHS.</p><p>If, during the course of the current Insolvency Service investigation into BHS, it appears that there is good reason to widen the scope of its enquires, the Insolvency Service has powers under the Companies Act 1985 to initiate confidential enquiries.</p> answering member printed Baroness Neville-Rolfe question first answered 10/05/2016 14:54:29 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	3869 label Biography information for Lord Myners

516986

registered interest
date	03/05/2016
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, further to the Written Answers by Lord O’Neill of Gatley on 26 April (HL7583 and HL7584), what assessment they have made of whether the same collateral could be used to support risk at both LCH and Eurex.
tabling member printed	Lord Myners
uin	HL8141
answer	answer is ministerial correction date of answer 11/05/2016 answer text <p>I refer the noble Lord to my previous answers of 26 April (HL7583 and HL7780) which noted that, once notified of the merger, the Bank of England and Financial Conduct Authority would assess the proposal from a regulatory standpoint, and that it would also be subject to assessments and approvals by the competition authorities, overseas regulators, and shareholders.</p><p> </p><p>My previous answers further noted that any inter central counterparty links would need to be assessed against the relevant parts of European Market Infrastructure Regulation (EMIR) by the Bank of England, as supervisor of LCH.</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL8142 question first answered 11/05/2016 11:32:57 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

516987

registered interest
date	03/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	London Stock Exchange
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether it is their policy that the ultimate holding company for the London Stock Exchange remains incorporated in the UK.
tabling member printed	Lord Myners
uin	HL8142
answer	answer is ministerial correction date of answer 11/05/2016 answer text <p>I refer the noble Lord to my previous answers of 26 April (HL7583 and HL7780) which noted that, once notified of the merger, the Bank of England and Financial Conduct Authority would assess the proposal from a regulatory standpoint, and that it would also be subject to assessments and approvals by the competition authorities, overseas regulators, and shareholders.</p><p> </p><p>My previous answers further noted that any inter central counterparty links would need to be assessed against the relevant parts of European Market Infrastructure Regulation (EMIR) by the Bank of England, as supervisor of LCH.</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL8141 question first answered 11/05/2016 11:32:57 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners