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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

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