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Banking: UK Financial Investments Ltd

Volume 711: debated on Tuesday 2 June 2009

Questions

Asked by

To ask Her Majesty's Government whether they will make publicly available the budget and funding plan recommendations presented to HM Treasury by the board of United Kingdom Financial Investments Ltd (UKFI) in February and any response from HM Treasury to UKFI. [HL3786]

As the framework document between UK Financial Investments (UKFI) and the Treasury sets out, UKFI’s annual report and audited accounts will be laid before Parliament. UKFI’s business plan will also be provided to the Treasury Select Committee once agreed.

Asked by

To ask Her Majesty's Government what up-front payments were made to United Kingdom Financial Investments Ltd (UKFI); and what forecast has been made of the periodical management fee to be paid to UKFI. [HL3787]

In its first five months of operation, UKFI's costs were £1.2 million. Going forward, the management fee will depend on agreement of the business plan but is expected to be single figure millions annually.