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Banks: Finance

Volume 492: debated on Tuesday 12 May 2009

To ask the Chancellor of the Exchequer what (1) recent discussions he has had with representatives of UK Financial Investments Ltd. on the policy of (a) RBS and (b) HBOS on maintaining credit lines to existing commercial customers; (264831)

(2) what recent discussions he has had with representatives of UK Financial Investments Ltd. on the approach of (a) RBS and (b) HBOS in maintaining their existing loan portfolios.

The Government have regular discussions with UK Financial Investments Ltd. (UKFI). The framework agreement sets out the relationship between HM Treasury and UKFI, and is available at:

http://www.ukfi.gov.uk/

To ask the Chancellor of the Exchequer pursuant to the answer of 9 March 2009, Official Report, column 100W, on banks, if he will take steps to require information relating to pension arrangements of directors in banks supported through UK Financial Investments to be published more often than in annual reports and accounts. (265728)

[holding answer 23 March 2009]: Government policy in relation to the disclosure of commercial information by state-controlled companies that are PLCs is that their approach to disclosure should follow the requirements for companies listed on the Stock Exchange, including the Combined Code on Corporate Governance and Directors' Remuneration Report Regulations. Government are following this same approach in relation to the disclosure of commercial information by banks commercially managed by UK Financial Investments (UKFI).

The Directors' Remuneration Report Regulations 2002 require all quoted companies to prepare an annual directors' remuneration report. The remuneration report must contain certain information in respect of each person who has served as a director of the company at any time during the relevant financial year. The details are available at:

http://www.opsi.gov.uk/SI/si2002/20021986.htm