To ask the Chancellor of the Exchequer for what reason his Department's due diligence information on (a) banks in which the Government has a shareholding or which the Government owns and (b) RBS assets guaranteed by the Government have not been made available to UK Financial Investments. (313261)

UK Financial Investments Limited (UKFI) has been set up to manage the Government's investments in financial institutions at arm's length and on a commercial basis.

UKFI's objective is to dispose of the investments in an orderly and active manner, within the context of an overarching objective of protecting and creating value for the taxpayer, paying due regard to financial stability and promoting competition.

For the purpose of analysing detailed due diligence information to deliver the APS, the Treasury considered that advice from Treasury's legal and financial advisers was deemed sufficient and that it was not necessary or appropriate to consult UKFI on this information. Sharing such information with UKFI could have led them becoming insiders and could thus compromise their ability to manage or dispose of the shareholdings.