Question
Asked by
To ask Her Majesty's Government which external lawyers have been used by HM Treasury to assist with the Asset Protection Scheme; and how much has been paid to each firm or is due to paid to each firm this year. [HL5360]
The following external lawyers have been engaged to advise the Treasury on the Asset Protection Scheme this financial year: Slaughter and May. Fees will continue to be incurred until the work is completed, but the exact amount of these fees is not yet known. Fees will be recovered from the banks participating in the scheme.
Firm Fees paid 2009-10 to date Slaughter and May £1,149,036
Asked by
To ask Her Majesty's Government which external bankers have been used by HM Treasury to assist with the Asset Protection Scheme; and how much has been paid to each firm or is due to paid to each firm this year. [HL5361]
The following external bankers have been engaged to advise the Treasury on the Asset Protection Scheme this financial year: Citigroup, Credit Suisse and Deutsche Bank. Fees will continue to be incurred until the work is completed, but the exact amount of these fees is not yet known. Fees will be recovered from the banks participating in the scheme.
Bank Fees paid 2009-10 to date Citigroup Nil Credit Suisse £414,084 Deutsche Bank Nil
Asked by
To ask Her Majesty's Government which external consultants have been used by HM Treasury to assist with the Asset Protection Scheme; and how much has been paid to each firm or is due to paid to each firm this year. [HL5362]
The following external consultants have been engaged to advise the Treasury on the Asset Protection Scheme this financial year: Ernst & Young, KPMG, PwC and Blackrock. Fees will continue to be incurred until the work is completed, but the exact amount of these fees is not yet known. Fees will be recovered from the banks participating in the scheme.
Consultant Fees paid to date 2009-10 Blackrock £1,250,000 Ernst & Young £2,278,745 KPMG £6,073,907 PwC £1,666,521
Asked by
To ask Her Majesty's Government how (a) Lloyds Banking Group, (b) the Royal Bank of Scotland, and (c) HM Treasury can withdraw from the Asset Protection Scheme; and what fines would have to be paid by either side as a result of cancelling involvement. [HL5363]
The announcements made in February and March set out an in principle agreement with the Royal Bank of Scotland (RBS) and the Lloyds Banking Group (Lloyds) with regard to their participation in the Asset Protection Scheme. These agreements were subject to further due diligence, further negotiation on the details of the scheme terms, and remain subject to state aid approval.
HM Treasury will release further detailed information when this work has concluded and the agreements have been finalised.
Asked by
To ask Her Majesty's Government under what conditions UK Financial Investments Ltd would allow (a) Lloyds Banking Group, and (b) the Royal Bank of Scotland, to withdraw from the Asset Protection Scheme. [HL5364]
UK Financial Investments Ltd ("UKFI") was set up to manage the Government's investments in financial institutions as an active and engaged shareholder, operating on a commercial basis and at arm's length from Government. The detailed terms of the Asset Protection Scheme remain under discussion with the participant banks, but these will be agreed between the participant banks and HM Treasury directly, not through UKFI. UKFI's decisions are taken in line with the relevant framework agreement which is available on their website (www.ukfi.gov.uk).