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CDC

Volume 485: debated on Thursday 18 December 2008

To ask the Secretary of State for International Development what discussions took place (a) between his Department and CDC in 2005 and 2007 and (b) with the Treasury in 2007, regarding the possibility of extracting resources from CDC, as referred to on page 15 of the National Audit Office Report, Investing for Development: DFID's oversight of CDC Group Plc, HC (2008-09) 18. (243009)

No discussions took place between DFID and CDC in 2005 regarding the possibility of extracting resources from CDC.

During 2007 DFID had preliminary discussions with both CDC and the Treasury regarding the possibility of extracting resources from CDC in the shape of a dividend. These discussions took place within the context of the wider discussion around CDC's strategic direction. This contributed to the development of CDC's new investment policy, about which I made a written ministerial statement on 3 November 2008, Official Report, column 5WS.