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Goldman Sachs

Volume 478: debated on Thursday 26 June 2008

To ask the Chancellor of the Exchequer how much his Department paid in consultants' fees and other payments to Goldman Sachs in each year since 1997. (199525)

A new accounting system was introduced in 2002-03 and data on transactions prior to that date could be provided only at disproportionate cost.

No record of any payments could be found for the period 2002-03 to 2006-07.

Goldman Sachs was jointly engaged by HM Treasury and the Financial Services Authority to provide financial advice on Northern Rock in September 2007. The Treasury plans to publish information at a later date about the cost of the advice it received in relation to Northern Rock, including financial advice. As the Chancellor informed the chairs of the Treasury Committee and Public Accounts Committee on 11 October 2007, Northern Rock has indemnified the Treasury in respect of certain costs and expenses, including adviser costs.