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Banks: Finance

Volume 491: debated on Wednesday 22 April 2009

To ask the Chancellor of the Exchequer what steps his Department has taken to ensure compliance with section 28 of Appendix A to the document on the UK Asset Protection Scheme; and if he will make a statement. (268079)

Institutions participating in the Asset Protection Scheme will be required to comply with Asset Management Requirements prescribed by HMT.

More detail on the requirements will be set out in the Accession Agreements with the participating banks, once final contracts have been signed.

To ask the Chancellor of the Exchequer how many tax avoidance investigations have been launched as a result of disclosure under the Asset Protection Scheme; and if he will make a statement. (268082)

I refer the hon. Member to the statement made by the Chancellor of the Exchequer on 16 March 2009, Official Report, column 654.

To ask the Chancellor of the Exchequer what recent estimate he has made of the cost of the assignment and transfer of assets into the Asset Protection Scheme by (a) Lloyds Banking Group and (b) RBS; and if he will make a statement. (268086)

The scheme works in such a way that the banks will not need to physically transfer their assets into the scheme, but they will ring-fence these assets, which remain under their ownership.

To ask the Chancellor of the Exchequer what the average duration of the assets placed in the Asset Protection Scheme by (a) Lloyds Banking Group and (b) RBS is; and if he will make a statement. (268089)

Further detailed information about the assets in the scheme will be provided after the final contracts are signed.

To ask the Chancellor of the Exchequer within what period it was agreed with (a) Lloyds Banking Group and (b) RBS that they would provide a quarterly statement of all loses and recoveries in respect of the triggered assets; and if he will make a statement. (268090)

Further information about the disclosure requirements for banks will be set out at the time final contracts are signed.

To ask the Chancellor of the Exchequer whether he has provided (a) Lloyds Banking Group and (b) RBS with consent to credit hedge in respect of the Residual Amount in the Asset Protection Scheme; and if he will make a statement. (268091)

It is expected that banks will need to apply for consent before hedging in respect of the Residual Amount.

To ask the Chancellor of the Exchequer if he will publish details of the hedging strategies entered into with (a) Lloyds Banking Group and (b) RBS to cover non-sterling denominated assets in the Asset Protection Scheme; and if he will make a statement. (268092)

Further detailed information about the assets in the scheme will be provided at the time that final contracts are signed.