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Business: Government Assistance

Volume 498: debated on Tuesday 27 October 2009

To ask the Minister of State, Department for Business, Innovation and Skills how much funding has been drawn down from the Working Capital scheme by each eligible financial institution in each month since it became operational; and if he will make a statement. (264416)

The following guarantees have been agreed on three bank loan portfolios under the Working Capital Scheme:

£0.5 billion to Royal Bank of Scotland in April 2009;

£0.6 billion to Lloyds Banking Group in April 2009; and

£1.1 billion to Lloyds Banking Group in July 2009.

Each bank has paid a premium to the Department for these guarantees; no money has been paid to any bank under these guarantees as there have been no defaults.