To ask the Chancellor of the Exchequer when the auditors of the accounts of the Bank of England for 2008-09 were informed of the loan to (a) RBS and (b) HBOS made in October 2008. (302985)

The Bank’s auditors were made aware of the emergency liquidity assistance to RBS and HBOS prior to the commencement of their audit of the Bank’s accounts for the year to 28 February 2009.

The relevant Bank of England Annual Report can be accessed via:

http://www.bankofengland.co.uk/publications/annualreport/index.htm

To ask the Chancellor of the Exchequer when the Court of Directors of the Bank of England was informed of the loan made to (a) RBS and (b) HBOS in October 2008. (302986)

The Court of the Bank, acting through its Transactions Committee, was consulted in a number of meetings between 1 October and 13 October 2008.

To ask the Chancellor of the Exchequer what requirements there are on the Bank of England in respect of disclosure of information on loans made in each financial year, with particular reference to the bank's annual report and accounts. (302988)

The Bank's financial statements for the year ended 28 February 2009 (and in earlier years) state that where the Bank acts as a lender of last resort, the financial effects of such operations will be included in the financial statements in the year in which they occur although these financial statements may not explicitly identify the existence of such support. This was the case for the year ending 28 February 2009. The Bank's auditors confirmed that the financial statements for the year were properly prepared in accordance with the stated basis of preparation set out in the notes to the accounts.

The relevant Bank of England annual report can be accessed via:

http://www.bankofengland.co.uk/publications/annualreport/index.htm