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Financial Services: City of London

Volume 496: debated on Thursday 16 July 2009

To ask the Chancellor of the Exchequer how much has been paid to City investment banks for advice on restructuring the financial sector in the last 12 months; and how many employees of such banks have been seconded to his Department to work on that restructuring. (279350)

The Treasury's accounting system does not separately identify spending with investments banks. The following table shows spending with companies in 2008-09 that are known to be investment banks, but this may not represent a complete list.

Organisation

£ 000

Deutsche Bank

41

Citigroup

1,922

Credit Suisse

6,365

Morgan Stanley

1,501

The figures are provisional as they form part of the Treasury's resource account, which is subject to audit by the Comptroller and Auditor General. The majority of the sums listed relate to advice given to the Treasury on financial stability measures. Under a number of agreements with financial institutions, certain fees are recoverable and the sums listed do not therefore represent a net cost to the Treasury.

No record could be found of staff being seconded from the organisations listed to work on restructuring of the financial sector.