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Banking

Volume 711: debated on Tuesday 2 June 2009

Question

Asked by

To ask Her Majesty's Government what payments have been made from (a) HM Treasury and its agencies, and (b) HM Revenue and Customs, to (1) Deutsche Bank, (2) Citigroup, (3) Credit Suisse, (4) Goldman Sachs, and (5) Morgan Stanley in 2008–09; and what those payments relate to. [HL3416]

The Treasury made the following payments in 2008-09:

Organisation

£’000

Purpose

Deutsche Bank

41

Staff secondment

Citigroup

1,922

Financial stability related

Credit Suisse

5,502

Financial stability related

Morgan Stanley

1,501

Financial stability related

The figures are provisional as they form part of the Treasury's resource account, which is subject to audit by the Comptroller and Auditor General. The majority of the sums listed relate to advice given to the Treasury on financial stability measures. Under a number of agreements with financial institutions, certain fees are recoverable and the sums listed do not therefore represent a net cost to the Treasury. HM Revenue and Customs has a contract with Citibank for the provision of banking services. A single payment was made in 2008-09 in relation to development work for the start of the service.