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1182485

registered interest
date	03/03/2020
answering body	Cabinet Office
answering dept id	53
answering dept short name	Cabinet Office
answering dept sort name	Cabinet Office
hansard heading	Quintessentially
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government (1) whether they will publish the details of the contract between the Department for International Trade and Quintessentially, including the amounts paid to that company in each of the last three years, and (2) whether other Government departments or public bodies have contracts with that company.
tabling member printed	Lord Myners
uin	HL2187
answer	answer is ministerial correction date of answer 10/03/2020 answer text <p>Records of Government contracts above £10,000 in central government and £25,000 in the wider public sector are published on Contracts Finder:</p><p><a href="https://www.contractsfinder.service.gov.uk/Search" target="_blank">https://www.contractsfinder.service.gov.uk/Search</a></p><p> </p><p>Details of spends over £25,000 are published on gov.uk:</p><p><a href="https://www.gov.uk/government/collections/dit-departmental-spending-over-25000" target="_blank">https://www.gov.uk/government/collections/dit-departmental-spending-over-25000</a></p> answering member printed Lord True question first answered 10/03/2020 15:59:22 answering member 4200 label Biography information for Lord True
tabling member	3869 label Biography information for Lord Myners

1179929

registered interest
date	24/02/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	British Business Bank
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether the value of new loans extended by the British Business Bank sourced through peer-to-peer lending platforms has (1) increased, or (2) decreased, over the last three completed financial years; and what percentage of such loans were to borrowers who had already received funding from the British Business Bank.
tabling member printed	Lord Myners
uin	HL1775
answer	answer is ministerial correction date of answer 05/03/2020 answer text <p>The British Business Bank’s participation in peer-to-peer lending platforms has been primarily through the Bank’s commercial subsidiary British Business Investments. Data collected across programmes and delivery partners is consolidated on a programme-by-programme basis.</p><p> </p><p>The value of new loans extended by the British Business Bank sourced through peer-to-peer lending platforms has increased year-on-year over the last three completed financial years.</p><p> </p><p>Over the three year period, of the 15,420 distinct SME customers that have received financing through the peer-to-peer delivery partners of British Business Investments, 9.36% have been to repeat peer-to-peer customers[1]. The Bank does not hold data on how many peer-to-peer customers may previously have benefitted from other British Business Bank programmes.</p><p> </p><p>[1] This data excludes finance through Market Invoice as a single customer could have multiple invoices funded through the platform at a time.</p> answering member printed Lord Callanan question first answered 05/03/2020 12:20:27 answering member 4336 label Biography information for Lord Callanan
tabling member	3869 label Biography information for Lord Myners

1179931

registered interest
date	24/02/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	British Business Bank
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether default rates, and losses in event of default, experienced by the British Business Bank on loans sourced through peer-to-peer lending platforms have been (1) greater or lesser than for the British Business Bank’s overall lending book, and (2) greater or lesser than the British Business Bank’s expectation when extending loans through such platforms.
tabling member printed	Lord Myners
uin	HL1776
answer	answer is ministerial correction date of answer 09/03/2020 answer text <p>The British Business Bank’s participation in peer-to-peer lending platforms has been primarily through the Bank’s commercial subsidiary British Business Investments. Data collected across the Bank’s programmes and delivery partners is consolidated on a programme-by-programme basis. The Bank does not record an overall rate of default given the wide range of delivery partners and products across the Bank’s programmes that are not directly comparable.</p><p> </p><p>British Business Investments monitors existing delivery partners and their performance against contractual requirements, which includes monitoring the level of defaults, provisions, impairments[1] and write-offs observed through the life of each investment.</p><p> </p><p>The level of default rates observed on the portfolio of loans generated through the peer-to-peer lending platforms have varied over the life of the investments to date, at times being below and at times being above the initial expected rate at the time of investment. Provisions are raised for defaulted loans but the actual level of losses associated with these defaults will be dependent on the level of recoveries achieved through the life of the investments as not all defaults will result in crystallised losses.</p><p> </p><p>The level of losses provided for as a percentage of the net amount invested across the peer-to-peer platforms loan portfolio, is above the overall blended level[2] for the British Business Investments’ portfolio. This is as expected given the different risk profile and structure of the investments across the portfolio, all of which have been assessed within the Bank’s objectives and programme criteria.</p><p> </p><p>Overall returns from investments through the peer-to-peer platforms have been positive and the Bank has not experienced any negative returns from the peer-to-peer platform investments liquidated to date.</p><p> </p><p>[1] An impairment is an adjustment applied by a fund manager where a performance issue has been identified within a specific investment and are therefore included in the Net Asset Value submitted to the Bank.</p><p>[2] This includes the level of defaults, provisions, impairments and write-offs provided by peer-to-peer and non-peer-to-peer delivery partners.</p><p> </p> answering member printed Lord Callanan question first answered 09/03/2020 15:29:00 answering member 4336 label Biography information for Lord Callanan
tabling member	3869 label Biography information for Lord Myners

1178533

registered interest
date	13/02/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Comet Group: Insolvency
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 (1) report by the Institute of Accountants in England and Wales into the insolvency of Comet Group and the losses sustained by HMRC, published on 31 January, and (2) implications, if any, for the (a) collapse of Monarch Airline, and (b) request for governmental financial support from Flybe and its immediate and ultimate owners.
tabling member printed	Lord Myners
uin	HL1669
answer	answer is ministerial correction date of answer 27/02/2020 answer text <p>The Government is aware of the findings of the investigation by the Institute of Chartered Accountants in England and Wales (ICAEW) into the conduct of the administrators of Comet Group Limited and the resulting consent order setting out the disciplinary action taken. The Government supports the aims of the regulatory framework for insolvency practitioners and the Government’s Insolvency Service works closely with the Recognised Professional Bodies, such as the ICAEW, in ensuring appropriate action is taken when needed following an insolvency. Regarding Flybe, it would not be appropriate for Government to comment on the speculation as to its financial affairs.</p> answering member printed Lord Callanan question first answered 27/02/2020 12:50:07 answering member 4336 label Biography information for Lord Callanan
tabling member	3869 label Biography information for Lord Myners

1178150

registered interest
date	12/02/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: UK Relations with EU
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what consideration they have given to securing a permanent equivalence agreement with the EU for financial services, and to other positions if this is not achieved.
tabling member printed	Lord Myners
uin	HL1605
answer	answer is ministerial correction date of answer 25/02/2020 answer text <p>We are committed to concluding a full range of equivalence assessments by June 2020 as we agreed with the EU. Equivalence will be a key part of our future relationship with the EU, and we are clear that it is an autonomous and technical process, which should proceed in a way that builds trust and dialogue between both sides.</p><p> </p><p>In addition, we are willing to look at regulatory and supervisory cooperation arrangements that reflect the level of access between our markets, and seek to establish processes for dialogue on equivalence.</p> answering member printed Lord Agnew of Oulton question first answered 25/02/2020 14:18:36 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1178151

registered interest
date	12/02/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Nickel: Commodity Markets
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they, or the Financial Conduct Authority, intend to investigate the nickel market on the London Metal Exchange for (1) possible market manipulation, or (2) failure to comply with market disclosure requirements.
tabling member printed	Lord Myners
uin	HL1606
answer	answer is ministerial correction date of answer 25/02/2020 answer text I am unable to go into detail regarding individual cases. Investigations into alleged market abuse are the purview of the FCA, who I understand are aware of these allegations.<p> </p>The Government takes any attempt at market abuse extremely seriously and is committed to ensuring that financial markets are sound and transparent. The Market Abuse Regulation (MAR) strengthens the previous UK market abuse framework by extending its scope to new markets, new platforms and new behaviours. It contains prohibitions of insider dealing, unlawful disclosure of inside information and market manipulation, provisions to prevent and detect these acts, and powers to take enforcement action against those who do. I am confident that under MAR we have robust systems and controls in place to preserve market integrity and protect investors. answering member printed Lord Agnew of Oulton question first answered 25/02/2020 14:29:49 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1178152

registered interest
date	12/02/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	British Business Bank
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how much the British Business Bank lent through peer-to-peer lending platforms in each of the last two financial years; and whether the British Business Bank continues to provide loans to new borrowers through peer-to-peer platforms or whether loans are now confined to supporting previous borrowers sourced through peer-to-peer platforms.
tabling member printed	Lord Myners
uin	HL1607
answer	answer is ministerial correction date of answer 26/02/2020 answer text <p>The British Business Bank does not lend directly to SMEs. The Bank’s total exposure through peer-to-peer delivery partners was:</p><p>· £101.3m at 30 September 2019 (the latest data available), and</p><p>· £102.9m at 31 March 2019.</p><p>The Bank’s exposure contributes to loans to SMEs. In combination with other funders, the new loans it supported through peer-to-peer platforms were as follows:</p><p>· £268.7m of new finance to 2,738 SMEs in the six months to 30 September 2019 (the latest data available), and</p><p>· £705.4m of new finance to 7,794 SMEs in Financial Year 2018/19.</p><p>The Bank’s exposure to peer-to-peer delivery partners continues to provide finance to new SME borrowers.</p> answering member printed Lord Callanan question first answered 26/02/2020 16:20:14 answering member 4336 label Biography information for Lord Callanan
tabling member	3869 label Biography information for Lord Myners

1178153

registered interest
date	12/02/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bridges: Irish Sea
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of (1) the engineering feasibility of building a bridge between Scotland and Northern Ireland, and (2) the estimated costs and sources of funding for such a project.
tabling member printed	Lord Myners
uin	HL1608
answer	answer is ministerial correction date of answer 26/02/2020 answer text <p>The government is committed to upgrading our infrastructure, and we are looking at a range of options to level up the country and support growth and productivity in every region. We will set out more details on our plans to increase investment in infrastructure at the Budget.</p> answering member printed Lord Agnew of Oulton question first answered 26/02/2020 13:34:28 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1177904

registered interest
date	11/02/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
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 ring-fencing on the pricing of risk in the UK residential mortgage market.
tabling member printed	Lord Myners
uin	HL1527
answer	answer is ministerial correction date of answer 25/02/2020 answer text <p>The Bank of England acknowledged, in its December 2019 Financial Stability Report, that there has been increased competition in the UK residential mortgage market, as reflected by the continued decline in interest rates for new mortgages. This report noted that the competition in the mortgage market may have been amplified by the introduction of ring-fencing regulation.</p><p> </p><p>This year the Treasury will be appointing an independent panel to conduct a review of the operation of ring-fencing, as required by legislation. Based on the conclusions reached in its report, the review panel will make any necessary recommendations to the Treasury. This final report will then be published by the Treasury.</p> answering member printed Lord Agnew of Oulton question first answered 25/02/2020 14:30:31 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1177905

registered interest
date	11/02/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	British Business Bank
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Duncan of Springbank on 28 January (HL579), whether the confidentiality agreements cover the aggregation of data for a number of unidentified peer-to-peer platforms; whether the same wording is included in all agreements with peer-to-peer platforms; and whether this wording is proposed by the Government or the peer-to-peer lender.
tabling member printed	Lord Myners
uin	HL1528
answer	answer is ministerial correction date of answer 24/02/2020 answer text <p>Confidentiality agreements between the British Business Bank and peer-to-peer lenders do not deal with aggregated data relating to multiple different platforms. The British Business Bank does not aggregate peer-to-peer data from different platforms for reporting purposes. Given the very small number of peer-to-peer platforms we invest in, we could not publish aggregate default rates without compromising confidentiality in relation to individual platforms. In keeping with our commercial approach, we do however continually monitor the market and carry out extensive due diligence on any peer-to-peer lender before entering any commercial agreement with them. Once an arrangement is in place, we receive regular data on the performance of our loan book to ensure that this is in line with the contractual expectations we have made with them.</p><p> </p><p>Different confidentiality agreements between the Bank and peer-to-peer delivery partners do not contain the same wording. The wording of each individual agreement is agreed jointly by the British Business Bank and the individual peer-to-peer lender, but they reflect delivery partner expectations, as is standard in the market.</p> answering member printed Lord Callanan question first answered 24/02/2020 15:01:48 answering member 4336 label Biography information for Lord Callanan
tabling member	3869 label Biography information for Lord Myners