To ask the Chancellor of the Exchequer how much his Department (a) has spent and (b) has committed to spend on external advice on the Asset Protection Scheme in respect of (i) Royal Bank of Scotland and (ii) Lloyds Banking Group; and if he will list the sources of that advice. (303558)

[holding answer 2 December 2009]: Lloyds and RBS have agreed to refund HM Treasury the costs it incurs in establishing and operating the Asset Protection Scheme, including those of external advisers.

When it decided not to participate in the scheme on 3 November, Lloyds agreed to pay HM Treasury £26 million, its share of the costs to that date of HM Treasury's own staff working on the APS, the costs of external advisers and the costs of establishing the Asset Protection Agency.

RBS has paid the Treasury £45 million, being the Treasury's current estimate of RBS' share of the costs to date incurred by the Treasury in developing and setting up the APS and the APA.

HM Treasury has received legal advice from Slaughters and May and financial advice from Ernst and Young, KPMG, PricewaterhouseCoopers, Citigroup, Credit Suisse, Deutsche Bank and Blackrock. The cost to the Treasury of these advisers has been fully met by Lloyds and RBS.