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Banks: Finance

Volume 488: debated on Tuesday 24 February 2009

To ask the Chancellor of the Exchequer (1) how much the Government has spent on support for the banking industry in the last 12 months; (251655)

(2) what estimate he has made of the monetary value of the Government’s holdings in banks.

I refer the hon. Gentleman to the answers given by the Chancellor of the Exchequer on 13 October 2008, Official Report, columns 23-25WS, 6 November 2008, Official Report, column 26WS, and on 12 February 2009, Official Report, columns 1495-1496.

To ask the Chancellor of the Exchequer what steps UK Financial Investments Ltd. is taking to monitor the use to which the recapitalisation funds provided by the Government to the banking industry are being put. (253482)

UK Financial Investments Ltd. (UKFI) is actively engaged with the banks in order to monitor and work to secure compliance with the conditions agreed as part of the Government’s recapitalisation scheme announced last October.

More details can be found in the letter dated on 3 November from the Chancellor of the Exchequer, which is available in the House of Commons’ Library.