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Derelict Land

Volume 493: debated on Tuesday 2 June 2009

To ask the Secretary of State for Communities and Local Government (1) what the monetary value of land banks held by registered social landlords was in each of the last five years; (274827)

(2) how many registered social landlords registered new land banks in each of the last five years;

(3) how many registered social landlords operate land banks; and what guidance her Department issues on how such assets should be classified in the landlord’s accounts.

The Tenant Services Authority (TSA), the independent regulator of the registered social landlord (RSL) sector, does not monitor all RSL land banks on a comprehensive basis. The TSA does not register land banks held by RSLs. However, they do collect information on such holdings of undeveloped land for the larger developing RSLs.

The TSA has been monitoring this type of activity since January 2009.

Their latest figures, from April 2009, show that 100 associations have land yet to be developed with an overall value of £1.2 billion.

Lank banks are, in accounting terms, acquisitions of fixed assets in anticipation of future development plans and are therefore covered by the normal accounting requirements for fixed assets. Financial Reporting Standard (FRS) 15, Tangible Fixed Assets, is issued by the Accounting Standards Board and this will cover the accounting treatment of land banking by RSLs.