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515916

	registered interest
	date	26/04/2016
	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	British Home Stores: Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government, further to the Statement by the Business Minister, Anna Soubry, on 25 April (HC Deb, col 1174), what assistance they plan to offer BHS or Retail Acquisitions.
	tabling member printed	Lord Myners
	uin	HL7982
	answer	answer is ministerial correction date of answer 10/05/2016 answer text Workers and their families will be worried by the news that BHS has been placed in the hands of administrators. The Administrator must secure the best possible result for the business, starting with rescuing it if possible as a going concern. If this does not prove possible, then we stand ready to help those affected, including through Jobcentre Plus’ Rapid Response Service, to help people move into new jobs as quickly as possible. answering member printed Baroness Neville-Rolfe question first answered 10/05/2016 14:49:46 answering member 4284 label Biography information for Baroness Neville-Rolfe
	tabling member	3869 label Biography information for Lord Myners

523886

	registered interest
	date	08/06/2016
	answering body	Attorney General
	answering dept id	88
	answering dept short name	Attorney General
	answering dept sort name	Attorney General
	hansard heading	Games
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they have asked the Serious Fraud Office to investigate matters related to the sale and purchase of BHS.
	tabling member printed	Lord Myners
	uin	HL561
	answer	answer is ministerial correction date of answer 21/06/2016 answer text In all cases decisions to investigate are made by the Director of the Serious Fraud Office, who acts independently. In respect of BHS, the SFO has confirmed that it is reviewing material in its possession. If the Director considers there are reasonable grounds to suspect serious or complex fraud which meets his Statement of Principle, he will open a formal criminal investigation. answering member printed Lord Keen of Elie question first answered 21/06/2016 12:52:35 answering member 4538 label Biography information for Lord Keen of Elie
	tabling member	3869 label Biography information for Lord Myners

515523

	registered interest
	date	25/04/2016
	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	British Home Stores: Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they will establish an inquiry into the circumstances surrounding BHS being placed in administration, and in particular in to the implications for employees, pension scheme members and creditors.
	tabling member printed	Lord Myners
	uin	HL7903
	answer	answer is ministerial correction date of answer 03/05/2016 answer text <p>When a company enters administration, the administrators have to report to my right hon. Friend the Secretary of State for Business, Innovation and Skills within three months on the conduct of the directors.</p><p>In the case of BHS the Insolvency Service is making early contact with the administrators to discuss the directors’ conduct and to consider whether further steps, such as a detailed investigation, may be necessary.</p><p>Where misconduct is established it can lead to disqualification of a director for between 2 and 15 years.</p> answering member printed Baroness Neville-Rolfe question first answered 03/05/2016 11:39:50 answering member 4284 label Biography information for Baroness Neville-Rolfe
	tabling member	3869 label Biography information for Lord Myners

79767

	registered interest
	date	29/07/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Lloyds Banking Group
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they plan to take any action in connection with those who served on the board of Lloyds Banking Group when that company was involved in LIBOR fixing and manipulating the Bank of England's Special Liquidity Scheme.
	tabling member printed	Lord Myners
	uin	HL1659
	answer	answer is ministerial correction date of answer 11/08/2014 answer text <p>We support the proportionate enforcement action announced recently by the FCA against Lloyds Banking Group (LBG) and are clear that such abuses are completely unacceptable. The action by the new, tougher Financial Conduct Authority (FCA) shows that the system is working, and we are committed to taking further action to dealing with abuses, tackling the unacceptable behaviour of the few and ensuring that markets are fair for the many who depend on them.</p><p>Enforcement action against individuals and/or firms with regard to financial conduct issues; are a matter for the FCA and law enforcement institutions.</p> answering member printed Lord Deighton question first answered 11/08/2014 12:30:45 answering member 4262 label Biography information for Lord Deighton
	tabling member	3869 label Biography information for Lord Myners

515522

	registered interest
	date	25/04/2016
	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	Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they will review the legislation protecting creditors in the event of business failure.
	tabling member printed	Lord Myners
	uin	HL7902
	answer	answer is ministerial correction date of answer 10/05/2016 answer text <p>We do keep insolvency legislation under review. We seek to ensure that the legislative framework strikes the right balance between rescuing a business, which may also save jobs, and the rights of creditors who may lose out financially.</p> answering member printed Baroness Neville-Rolfe question first answered 10/05/2016 11:36:46 answering member 4284 label Biography information for Baroness Neville-Rolfe
	tabling member	3869 label Biography information for Lord Myners

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

483304

	registered interest
	date	21/03/2016
	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 whether central clearing houses in financial markets are required to prepare living wills; and what measures have been put in place to manage a capital failure.
	tabling member printed	Lord Myners
	uin	HL7228
	answer	answer is ministerial correction date of answer 06/04/2016 answer text <p>UK legislation requires central counterparties (CCPs) to develop recovery plans and to have ‘loss allocation’ rules, in order to allocate any losses sustained by the CCP either following the default of a clearing member or due to certain non-default events, so that the CCP can continue to provide its critical functions.</p><p> </p><p>The Government has also broadened the scope of the UK’s Special Resolution Regime to cover CCPs. When certain conditions are met, this allows the Bank of England to intervene by transferring all or some of the business of a CCP to either a private sector purchaser or to a bridge CCP owned by the Bank of England, or to transfer ownership of the CCP to any person.</p><p> </p><p>Qualifying changes of control of CCPs are assessed by the Bank of England and I refer the noble Lord to my written answer <a href="http://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Lords/2016-03-17/HL7153/" target="_blank">HL7153</a> of 1 April 2016.</p><p> </p> answering member printed Lord O'Neill of Gatley grouped question UIN HL7229 question first answered 06/04/2016 14:53:05 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	3869 label Biography information for Lord Myners

483305

	registered interest
	date	21/03/2016
	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 any increase to the economic risk supervised by the Prudential Regulatory Authority of the proposed merger of the London Stock Exchange and Deutsche Börse; whether obligations of the combined group will fall to the UK taxpayer; and whether there have been any discussions about risk sharing with the government of Germany.
	tabling member printed	Lord Myners
	uin	HL7229
	answer	answer is ministerial correction date of answer 06/04/2016 answer text <p>UK legislation requires central counterparties (CCPs) to develop recovery plans and to have ‘loss allocation’ rules, in order to allocate any losses sustained by the CCP either following the default of a clearing member or due to certain non-default events, so that the CCP can continue to provide its critical functions.</p><p> </p><p>The Government has also broadened the scope of the UK’s Special Resolution Regime to cover CCPs. When certain conditions are met, this allows the Bank of England to intervene by transferring all or some of the business of a CCP to either a private sector purchaser or to a bridge CCP owned by the Bank of England, or to transfer ownership of the CCP to any person.</p><p> </p><p>Qualifying changes of control of CCPs are assessed by the Bank of England and I refer the noble Lord to my written answer <a href="http://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Lords/2016-03-17/HL7153/" target="_blank">HL7153</a> of 1 April 2016.</p><p> </p> answering member printed Lord O'Neill of Gatley grouped question UIN HL7228 question first answered 06/04/2016 14:53:05 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	3869 label Biography information for Lord Myners

515524

	registered interest
	date	25/04/2016
	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	British Home Stores: Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they have had any talks with the owners, managers or advisers to BHS; and whether they will take any action to protect employees, creditors and pensioners.
	tabling member printed	Lord Myners
	uin	HL7904
	answer	answer is ministerial correction date of answer 03/05/2016 answer text <p>This is a worrying time for the BHS workforce and their families.</p><p>I understand that there are no plans for immediate store closures and that the administrators are looking to sell BHS as a going concern.</p><p>Clearly if this proves not to be possible, then we stand ready to help those affected, including through Jobcentre Plus’ Rapid Response Service, to help people move into new jobs as quickly as possible.</p><p>The Insolvency Service continues to liaise with the administrators, and stands ready to provide statutory assistance to employees in the event that the commercial situation changes.</p><p>I understand that the BHS schemes are in the early stages of a Pension Protection Fund (PPF) assessment period, during which the PPF will determine the final funding position of the scheme and whether it should assume responsibility for a scheme. We cannot comment on this, or any other individual case directly.</p> answering member printed Baroness Neville-Rolfe question first answered 03/05/2016 11:39:14 answering member 4284 label Biography information for Baroness Neville-Rolfe
	tabling member	3869 label Biography information for Lord Myners