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Contracts: Goldman Sachs

Volume 496: debated on Wednesday 16 September 2009

To ask the Chancellor of the Exchequer how many contracts the Government holds with Goldman Sachs Bank; and what the monetary value of such contracts is in 2009-10. (288567)

Goldman Sachs were engaged in autumn 2007 to work for HMT on issues surrounding Northern Rock. To date, Goldman Sachs have been paid £3.8 million in respect of this contract. There are no other contracts in place with Goldman Sachs.

Under the agreement with Northern Rock, certain fees are recoverable and this sum does not therefore represent a net cost to the Treasury.