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433919

	registered interest
	date	03/12/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Granite
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, whether he took the National Crime Agency investigation into the Project Eagle loan sale by Ireland's National Asset Management Agency to Cerberus into account in decisions on the sale of UK Asset Resolutions' Granite Portfolio to Cerberus.
	tabling member constituency	Leeds East
	tabling member printed	Richard Burgon
	uin	18744
	answer	answer is ministerial correction date of answer 08/12/2015 answer text <p>Cerberus was selected as the successful bidder for UK Asset Resolution (UKAR)’s Granite portfolio following a thorough due diligence process. Cerberus have confirmed to UKAR that their involvement in the Project Eagle loan sale was conducted with the utmost integrity; and have separately provided a detailed submission to the Northern Ireland Committee on Finance and Personnel, which conducted a full enquiry into the sale.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 08/12/2015 14:51:54 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4493 label Biography information for Richard Burgon

433920

	registered interest
	date	03/12/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Granite
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps the Government has taken to ensure that former Northern Rock mortgage holders will not be disadvantaged by the sale of UK Asset Resolutions' Granite Portfolio to Cerberus.
	tabling member constituency	Leeds East
	tabling member printed	Richard Burgon
	uin	18745
	answer	answer is ministerial correction date of answer 08/12/2015 answer text <p>A key consideration in the selection of the successful bidder was the continued fair treatment of customers. Cerberus was selected following a thorough due diligence process, and like any buyer, remains subject to the regulatory oversight of the Financial Conduct Authority; including the requirement of Treating Customers Fairly.</p><br /><p>Day-to-day management of the assets within the Granite portfolio will remain with the mortgage servicing arm of UK Asset Resolution, and there will be no changes to the terms and conditions of the mortgages involved in the transaction.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 08/12/2015 14:52:42 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4493 label Biography information for Richard Burgon

433925

	registered interest
	date	03/12/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Granite
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, when the book value of the UK Asset Resolution's Granite portfolio was last calculated prior to the sale of Cerberus on 13 November 2015.
	tabling member constituency	Leeds East
	tabling member printed	Richard Burgon
	uin	18761
	answer	answer is ministerial correction date of answer 08/12/2015 answer text <p>In line with UK Asset Resolution (UKAR)'s reporting cycle, the book value of the Granite portfolio was last calculated at 30 September 2015 as part of the Interim Financial Results process.</p><br /> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 08/12/2015 14:48:05 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4493 label Biography information for Richard Burgon

437345

	registered interest
	date	11/12/2015
	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	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, pursuant to his Written Statement of 2 June 2015, HCWS10, on the trading plan for government shares in Lloyds Banking Group, whether he set a target for the (a) number of shares to be sold and (b) price per share for Lloyds Banking Group at the time of that Statement.
	tabling member constituency	Leeds East
	tabling member printed	Richard Burgon
	uin	19699
	answer	answer is ministerial correction date of answer 17/12/2015 answer text <p>In December 2014 the Chancellor launched a trading plan to sell the Government’s stake in Lloyds Banking Group, which has since been extended twice; in June and December 2015. The number of shares sold over the course of the trading plan is subject to an overall volume limit of up to but no more than 15% of the aggregate total trading volume in the LBG over the duration of the trading plan.</p><p>The final amount sold will depend on market conditions, among other factors. Shares will not be sold below the average price the previous government paid for them, which was 73.6p.</p><br /><p>As outlined to the House at the time of the trading plan’s launch, a statement with further details will be laid before Parliament when the plan concludes.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 19752 question first answered 17/12/2015 12:45:20 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4493 label Biography information for Richard Burgon

437347

	registered interest
	date	11/12/2015
	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	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, with reference to his Department's announcement on Government shares in Lloyds Banking Group, published on 18 December 2014, whether he had set a target for the (a) number of shares to be sold and (b) price per share for Lloyds Banking Group at the time of that announcement.
	tabling member constituency	Leeds East
	tabling member printed	Richard Burgon
	uin	19752
	answer	answer is ministerial correction date of answer 17/12/2015 answer text <p>In December 2014 the Chancellor launched a trading plan to sell the Government’s stake in Lloyds Banking Group, which has since been extended twice; in June and December 2015. The number of shares sold over the course of the trading plan is subject to an overall volume limit of up to but no more than 15% of the aggregate total trading volume in the LBG over the duration of the trading plan.</p><p>The final amount sold will depend on market conditions, among other factors. Shares will not be sold below the average price the previous government paid for them, which was 73.6p.</p><br /><p>As outlined to the House at the time of the trading plan’s launch, a statement with further details will be laid before Parliament when the plan concludes.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 19699 question first answered 17/12/2015 12:45:20 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4493 label Biography information for Richard Burgon

438866

	registered interest
	date	16/12/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Royal Bank of Scotland: Government Shareholding
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what advice UKFI provided to his Department on when and how to complete a sale of Royal Bank of Scotland shares.
	tabling member constituency	Leeds East
	tabling member printed	Richard Burgon
	uin	20481
	answer	answer is ministerial correction date of answer 05/01/2016 answer text <p>The Government has been consistently clear that its policy in respect of Royal Bank of Scotland (RBS) is to return the bank to the private sector in full. The advice received from Rothschilds and the Governor of the Bank of England relates specifically to the appropriate timing of an initial share sale.</p><br /><p>UK Financial Investments (UKFI) is responsible for the execution of share sales, and advised the Chancellor in August 2015 that it would be appropriate to conduct the first sale of the Government’s shareholding in RBS. On 3 August 2015, UKFI sold approximately 5.4% of the bank via an accelerated bookbuilding process.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 20482 question first answered 05/01/2016 14:06:09 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4493 label Biography information for Richard Burgon

438868

	registered interest
	date	16/12/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Royal Bank of Scotland: Government Shareholding
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, which organisations in addition to Rothschilds and the Governor of the Bank of England provided him with advice on whether the Government should sell its stake in the Royal Bank of Scotland.
	tabling member constituency	Leeds East
	tabling member printed	Richard Burgon
	uin	20482
	answer	answer is ministerial correction date of answer 05/01/2016 answer text <p>The Government has been consistently clear that its policy in respect of Royal Bank of Scotland (RBS) is to return the bank to the private sector in full. The advice received from Rothschilds and the Governor of the Bank of England relates specifically to the appropriate timing of an initial share sale.</p><br /><p>UK Financial Investments (UKFI) is responsible for the execution of share sales, and advised the Chancellor in August 2015 that it would be appropriate to conduct the first sale of the Government’s shareholding in RBS. On 3 August 2015, UKFI sold approximately 5.4% of the bank via an accelerated bookbuilding process.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 20481 question first answered 05/01/2016 14:06:09 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4493 label Biography information for Richard Burgon

453064

	registered interest
	date	19/02/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Banks
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the implications for the effectiveness of the ring-fence between retail and investment banking of the Prudential Regulation Authority's proposal to allow ring-fenced bodies to pay dividends to other entities in the parent group.
	tabling member constituency	Leeds East
	tabling member printed	Richard Burgon
	uin	27453
	answer	answer is ministerial correction date of answer 29/02/2016 answer text <p>The Prudential Regulation Authority's (PRA) proposed rules allowing ring-fenced bodies to pay dividends to other entities in the parent group are entirely consistent with the ring-fencing legislation and the Independent Commission on Banking’s recommendations. The PRA has the power to prevent these payments if they deem that they would negatively impact on the viability of the ring-fenced bank.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 29/02/2016 15:52:53 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4493 label Biography information for Richard Burgon

453065

	registered interest
	date	19/02/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Banks
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what meetings (a) Ministers and (b) officials of his Department have had on the implementation of the ring-fence between retail and investment banking since May 2015.
	tabling member constituency	Leeds East
	tabling member printed	Richard Burgon
	uin	27454
	answer	answer is ministerial correction date of answer 29/02/2016 answer text <p>Since May 2015, in order to ensure the smooth implementation of ring-fencing, ministers and HMT officials have met with regulators, banks, banking organisations, trustees of bank pension funds and HMRC.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 29/02/2016 15:53:26 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4493 label Biography information for Richard Burgon

453066

	registered interest
	date	19/02/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the implications for financial system resilience of the Prudential Regulation Authority's proposed rules on ringfencing; and if he will make a statement.
	tabling member constituency	Leeds East
	tabling member printed	Richard Burgon
	uin	27449
	answer	answer is ministerial correction date of answer 29/02/2016 answer text <p>The Government is confident that the Prudential Regulation Authority's proposed rules on ring-fencing are beneficial for financial system resilience. These are fully consistent with the Banking Reform Act (2013), and are necessary to ensure the full and timely implementation of the legislation.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 29/02/2016 15:46:33 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4493 label Biography information for Richard Burgon