In December 2014 the Chancellor launched a trading plan to sell the Government\u2019s 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>
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>
As outlined to the House at the time of the trading plan\u2019s launch, a statement with further details will be laid before Parliament when the plan concludes.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"} } , "answeringMemberConstituency" : {"_value" : "West Worcestershire"} , "answeringMemberPrinted" : {"_value" : "Harriett Baldwin"} , "dateOfAnswer" : {"_value" : "2015-12-17", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "19752"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2015-12-17T12:45:20.743Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "CaTreasury"} , "date" : {"_value" : "2015-12-11", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Lloyds Banking Group"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4493", "label" : {"_value" : "Biography information for Richard Burgon"} } , "tablingMemberConstituency" : {"_value" : "Leeds East"} , "tablingMemberPrinted" : [{"_value" : "Richard Burgon"} ], "uin" : "19699"} , {"_about" : "http://data.parliament.uk/resources/437347", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/437347/answer", "answerText" : {"_value" : "
In December 2014 the Chancellor launched a trading plan to sell the Government\u2019s 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>
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>
As outlined to the House at the time of the trading plan\u2019s launch, a statement with further details will be laid before Parliament when the plan concludes.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"} } , "answeringMemberConstituency" : {"_value" : "West Worcestershire"} , "answeringMemberPrinted" : {"_value" : "Harriett Baldwin"} , "dateOfAnswer" : {"_value" : "2015-12-17", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "19699"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2015-12-17T12:45:20.79Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "CaTreasury"} , "date" : {"_value" : "2015-12-11", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Lloyds Banking Group"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4493", "label" : {"_value" : "Biography information for Richard Burgon"} } , "tablingMemberConstituency" : {"_value" : "Leeds East"} , "tablingMemberPrinted" : [{"_value" : "Richard Burgon"} ], "uin" : "19752"} , {"_about" : "http://data.parliament.uk/resources/433919", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/433919/answer", "answerText" : {"_value" : "
Cerberus was selected as the successful bidder for UK Asset Resolution (UKAR)\u2019s 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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"} } , "answeringMemberConstituency" : {"_value" : "West Worcestershire"} , "answeringMemberPrinted" : {"_value" : "Harriett Baldwin"} , "dateOfAnswer" : {"_value" : "2015-12-08", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2015-12-08T14:51:54.39Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "CaTreasury"} , "date" : {"_value" : "2015-12-03", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Granite"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4493", "label" : {"_value" : "Biography information for Richard Burgon"} } , "tablingMemberConstituency" : {"_value" : "Leeds East"} , "tablingMemberPrinted" : [{"_value" : "Richard Burgon"} ], "uin" : "18744"} , {"_about" : "http://data.parliament.uk/resources/433920", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/433920/answer", "answerText" : {"_value" : "
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>
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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"} } , "answeringMemberConstituency" : {"_value" : "West Worcestershire"} , "answeringMemberPrinted" : {"_value" : "Harriett Baldwin"} , "dateOfAnswer" : {"_value" : "2015-12-08", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2015-12-08T14:52:42.457Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "CaTreasury"} , "date" : {"_value" : "2015-12-03", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Granite"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4493", "label" : {"_value" : "Biography information for Richard Burgon"} } , "tablingMemberConstituency" : {"_value" : "Leeds East"} , "tablingMemberPrinted" : [{"_value" : "Richard Burgon"} ], "uin" : "18745"} , {"_about" : "http://data.parliament.uk/resources/433925", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/433925/answer", "answerText" : {"_value" : "
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>
"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"}
}
, "answeringMemberConstituency" : {"_value" : "West Worcestershire"}
, "answeringMemberPrinted" : {"_value" : "Harriett Baldwin"}
, "dateOfAnswer" : {"_value" : "2015-12-08", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2015-12-08T14:48:05.283Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "CaTreasury"}
, "date" : {"_value" : "2015-12-03", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Granite"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4493", "label" : {"_value" : "Biography information for Richard Burgon"}
}
, "tablingMemberConstituency" : {"_value" : "Leeds East"}
, "tablingMemberPrinted" : [{"_value" : "Richard Burgon"}
], "uin" : "18761"}
, {"_about" : "http://data.parliament.uk/resources/384869", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/384869/answer", "answerText" : {"_value" : "
The Chancellor has previously set out his objectives for the banks in state ownership, including Royal Bank of Scotland. We want to maximise the ability of these important banks to support the British economy, and we want to get the best value for money for the taxpayer.<\/p>
<\/p>
<\/p>
<\/p>
Large scale public ownership has an inhibiting effect on the involvement of private institutions in a company such as RBS, and therefore naturally impacts on broader commercial performance. The best way to deliver our objectives is to return RBS to private ownership. Commercial organisations are more efficient, more innovative and more effective when they are in the private sector.<\/p>
<\/p>
<\/p>
<\/p>
This policy is supported by advice from the Governor of the Bank of England and independent analysis from Rothschild investment bank. In their recent report into this issue, Rothschild note that by starting to sell down its stake in RBS, \u201cthe Government can bring about broader benefits for the institution, which could help to accelerate its recovery\u201d, as well as improving the share price and securing value for the taxpayer.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"} } , "answeringMemberConstituency" : {"_value" : "West Worcestershire"} , "answeringMemberPrinted" : {"_value" : "Harriett Baldwin"} , "dateOfAnswer" : {"_value" : "2015-06-30", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2015-06-30T14:20:21.953Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2015-06-23", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Royal Bank of Scotland"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, with reference to the oral statement by the Economic Secretary to the Treasury of 11 June 2015, Official Report, column 1373, what the evidence base is for his statement that the Royal Bank of Scotland has not been able to play its full part in small and medium-sized enterprise lending because of public ownership.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4493", "label" : {"_value" : "Biography information for Richard Burgon"} } , "tablingMemberConstituency" : {"_value" : "Leeds East"} , "tablingMemberPrinted" : [{"_value" : "Richard Burgon"} ], "uin" : "3794"} , {"_about" : "http://data.parliament.uk/resources/384641", "AnsweringBody" : [{"_value" : "HM Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/384641/answer", "answerText" : {"_value" : "
In announcing the sale of the Government\u2019s shareholding in Royal Bank of Scotland, the Chancellor is acting on independent advice from the Governor of the Bank of England and a report from Rothschild investment bank that it is in the public interest for the Government to begin now to sell its stake. The report by Rothschild, and the corresponding advice from the Governor, are both available online at www.gov.uk<\/a>.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"}
}
, "answeringMemberConstituency" : {"_value" : "West Worcestershire"}
, "answeringMemberPrinted" : {"_value" : "Harriett Baldwin"}
, "dateOfAnswer" : {"_value" : "2015-06-25", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "3587"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2015-06-25T14:51:44.683Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2015-06-22", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Royal Bank of Scotland"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 16 June 2015 to Question 900337, from which bodies he has commissioned advice on the sale of Royal Bank of Scotland.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4493", "label" : {"_value" : "Biography information for Richard Burgon"}
}
, "tablingMemberConstituency" : {"_value" : "Leeds East"}
, "tablingMemberPrinted" : [{"_value" : "Richard Burgon"}
], "uin" : "3514"}
, {"_about" : "http://data.parliament.uk/resources/384642", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/384642/answer", "answerText" : {"_value" : " The Government has been consistent and clear that its objective in respect of RBS ownership is to return the bank to the private sector in full.<\/p> <\/p> <\/p> <\/p> This policy is supported by recent advice from the Governor of the Bank of England that \u201cit is in the public interest for the Government to begin now to return RBS to the private sector\u201d, and that \u201cthere could be considerable net costs to taxpayers of further delaying the start of a sale\u201d. The findings of the recently published Rothschild report into the Government\u2019s shareholding in RBS concur with this assessment.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"}
}
, "answeringMemberConstituency" : {"_value" : "West Worcestershire"}
, "answeringMemberPrinted" : {"_value" : "Harriett Baldwin"}
, "dateOfAnswer" : {"_value" : "2015-06-25", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2015-06-25T14:44:54.307Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2015-06-22", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Royal Bank of Scotland"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask Mr Chancellor of the Exchequer, what impact assessment he conducted of (a) the reprivatisation of RBS and (b) any other policy options for the future of RBS before the commissioning of the Rothschild Review into the UK Investment in Royal Bank of Scotland.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4493", "label" : {"_value" : "Biography information for Richard Burgon"}
}
, "tablingMemberConstituency" : {"_value" : "Leeds East"}
, "tablingMemberPrinted" : [{"_value" : "Richard Burgon"}
], "uin" : "3499"}
, {"_about" : "http://data.parliament.uk/resources/384644", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/384644/answer", "answerText" : {"_value" : " In announcing the sale of the Government\u2019s shareholding in Royal Bank of Scotland, the Chancellor is acting on independent advice from the Governor of the Bank of England and a report from Rothschild investment bank that it is in the public interest for the Government to begin now to sell its stake. The report by Rothschild, and the corresponding advice from the Governor, are both available online at www.gov.uk<\/a>.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4107", "label" : {"_value" : "Biography information for Dame Harriett Baldwin"}
}
, "answeringMemberConstituency" : {"_value" : "West Worcestershire"}
, "answeringMemberPrinted" : {"_value" : "Harriett Baldwin"}
, "dateOfAnswer" : {"_value" : "2015-06-25", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "3514"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2015-06-25T14:51:44.773Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2015-06-22", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Royal Bank of Scotland"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 16 June 2015 to Question 900337, what estimate has been made (a) by the Governor of the Bank of England and (b) from Rothschild of the effect on the public purse of the sale of the Government's stake in the Royal Bank of Scotland.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4493", "label" : {"_value" : "Biography information for Richard Burgon"}
}
, "tablingMemberConstituency" : {"_value" : "Leeds East"}
, "tablingMemberPrinted" : [{"_value" : "Richard Burgon"}
], "uin" : "3587"}
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}