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1144188

	registered interest
	date	03/09/2019
	answering body	Department for Transport
	answering dept id	27
	answering dept short name	Transport
	answering dept sort name	Transport
	hansard heading	Monarch Airlines: Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what progress they have made in obtaining a financial contribution from Greybull Capital towards the cost of the return to the UK of passengers on Monarch Airlines consequent on the withdrawal of financial support by Greybull Capital; what is their assessment of whether Greybull Capital and associates are likely to make a profit on their investment in Greybull Capital; whether any such profit will be assessable to UK tax; and when Ministers last had contact with Greybull Capital.
	tabling member printed	Lord Myners
	uin	HL17676
	answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>Greybull Capital is not itself a shareholder in Monarch Airlines but it does perform an advisory and management role for the principal shareholder, Petrol Jersey Limited. There is no formal legal mechanism we can use to oblige Greybull to contribute towards the cost of repatriating passengers.</p><p> </p><p>However, Marc Meyohas, partner at Greybull, wrote to the Transport Select Committee acknowledging a moral obligation (if they make a profit) to contribute and help to defray the costs incurred by the Government in repatriating Monarch customers.</p><p> </p><p>The extent of any profit or loss from Greybull Capital and Petrol Jersey Limited’s investment in Monarch Airlines will depend on the outcome of the administration process, which is not due to conclude until October 2020.</p><p> </p><p>Profits made by corporations are subject to the tax laws relevant to their jurisdiction. Petrol Jersey Limited is a company which is incorporated in Jersey. It would be for HM Revenue and Customs to confirm whether any such profit would be assessable to tax in the UK.</p><p> </p><p>Discussions with Greybull in relation to recovering the costs of the repatriation operation have been in writing. Ministers last wrote to Greybull on this matter on 5 December 2018.</p> answering member printed Baroness Vere of Norbiton question first answered 09/09/2019 12:40:37 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	3869 label Biography information for Lord Myners

1144187

	registered interest
	date	03/09/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to increase minimum capital requirements for fund managers managing Undertakings for the Collective Investment in Transferable Securities funds and other open-ended funds.
	tabling member printed	Lord Myners
	uin	HL17675
	answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The FCA Handbook outlines the rules on the capital requirements for UCITS management firms, which are derived from the EU UCITS Directive. These requirements can be found in Chapter 11 of the Interim Prudential Sourcebook for Investment Business. If there was to be any policy decision by the FCA to change these rules in the future, that would be subject to the FCA’s relevant governance process, including a public consultation.</p> answering member printed The Earl of Courtown question first answered 09/09/2019 15:41:08 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	3869 label Biography information for Lord Myners

1144189

	registered interest
	date	03/09/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Investment Returns
	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 impact of low and negative bond yields on the funding and capital assumptions of (1) pension funds, and (2) insurance companies; and the ability of the banking system to support economic growth.
	tabling member printed	Lord Myners
	uin	HL17677
	answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>HM Treasury does not hold this information. This is a matter for the Prudential Regulation Authority (PRA), who are operationally independent from Government, and the Department of Work and Pensions (DWP).</p><p> </p><p>The question has been passed on to the PRA and the DWP. The PRA and the DWP will reply directly to the Noble Lord by letter. Copies of the letters will be placed in the Library of the House.</p> answering member printed The Earl of Courtown question first answered 09/09/2019 15:43:50 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	3869 label Biography information for Lord Myners

1144190

	registered interest
	date	03/09/2019
	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 what plans they have to ask the Financial Conduct Authority to investigate the risks in the guarantor loan market and the protections available to guarantors.
	tabling member printed	Lord Myners
	uin	HL17678
	answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>The government has given the FCA strong powers to protect consumers and to act against firms and individuals that do not meet its standards.</p><p> </p><p>In relation to guarantor lending the FCA has identified relending, insufficient affordability checks, and the increasing number of payments made by guarantors as the areas of potential harm to consumers. They are conducting supervisory work to assess these areas which will conclude in January 2021.</p><p> </p><p>Treasury ministers and officials meet regularly with the FCA, and the government will continue to work closely with the FCA to ensure all customers are treated fairly.</p><p><strong> </strong></p> answering member printed The Earl of Courtown question first answered 09/09/2019 15:41:48 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	3869 label Biography information for Lord Myners