Asked by: Lord Myners (Crossbench - Life peer)
Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government how they assessed the capacity of Greensill Capital to absorb its share of Coronavirus Business Interruption Loan losses alongside the government's guarantee.
Answered by Lord Callanan - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
At the point of accreditation and based on the information provided, the British Business Bank considered that Greensill Capital UK met the criteria set out in the Coronavirus Business Interruption Loan Scheme (CBILS) Request for Proposals.
The criteria by which decisions were made, were set out in the CBILS Request for Proposals, as a publicly available document. Among the minimum requirements for accreditation was the ability of a lender to demonstrate that it had sufficient capital available to meet its lending forecasts.
Asked by: Lord Myners (Crossbench - Life peer)
Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government how many accredited providers of the Coronavirus Business Interruption Loan Scheme were not regulated lenders; and whether they will publish the names of such providers.
Answered by Lord Callanan - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
Details of lenders accredited to deliver the Coronavirus Business Interruption Loan Scheme were published on the British Business Bank’s website while the scheme was in operation.
Providing a list would incur a disproportionate cost to the Department. Each lender’s regulatory status is available on the relevant regulator’s website.
Asked by: Lord Myners (Crossbench - Life peer)
Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government whether they will reopen the British Business Bank's investigation of loans made by Greensill Capital, including disclosure around the (1) issuing, (2) funding, and (3) distribution, of such loans; and whether any of the findings of the original investigation were known before Greensill Capital was granted accredited lender status.
Answered by Lord Callanan - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
The investigation into Greensill Capital’s compliance with the terms of the Coronavirus Large Business Interruption Loan Scheme is currently ongoing.
Asked by: Lord Myners (Crossbench - Life peer)
Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government whether the British Business Bank had any communication with the Rt Hon David Cameron on the decision to accredit Greensill Capital as a Coronavirus Business Interruption Loan Scheme lender; what form any communication took; whether Mr Cameron was mentioned in Grensill Capital's (1) formal application, or (2) oral discussion, around their application; and whether the British Business Bank consulted (a) Her Majesty's Treasury, (b) the Financial Conduct Authority, or (c) the Prudential Regulation Authority, on the decision to grant lender status.
Answered by Lord Callanan - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
From our records, there is no indication that David Cameron approached the British Business Bank on behalf of Greensill Capital, and we are not aware of any such approach being made.
We cannot comment on the content of lenders’ applications to the Coronavirus Large Business Interruption Loan Scheme or Coronavirus Business Interruption Loan Scheme schemes as they are commercially sensitive.
None of HM Treasury, BEIS, the Financial Conduct Authority or the Prudential Regulation Authority had a role in the British Business Bank’s decision to accredit Greensill Capital.
Asked by: Lord Myners (Crossbench - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what plans they have to review the statutory (1) role, and (2) responsibilities, of authorised corporate directors following the performance of Link Financial Solutions in the collapse of Woodford Investments.
Answered by Lord Agnew of Oulton
The Government is committed to ensuring that the UK has a robust framework for financial regulation and that consumers are treated fairly. The FCA is responsible for overseeing the conduct standards of financial services firms.
The Government does not currently have plans to review the statutory role of authorised corporate directors (ACDs). However, the FCA is currently reviewing how effectively responsibilities are undertaken by ‘host’ ACDs – which are ACDs outside the group structure of the delegate investment manager. The FCA expects to complete this work in the first half of this year.
Asked by: Lord Myners (Crossbench - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what talks they have held with banks about requests by the EU to move more (1) functions, and (2) people, from offices in the EU to the UK; and what assessment they have made of any such requests.
Answered by Lord Agnew of Oulton
Treasury officials and Ministers carry out extensive engagement with the banking sector, regularly meeting with a wide range of firms as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available online[1].
The Bank of England (through the Prudential Regulation Authority) and the Financial Conduct Authority are responsible for supervising financial services firms in the UK.
The EU’s actions are fundamentally for them to articulate. We believe open markets are a global good, and they are best supported by global standards and effective regulation. Fragmentation is not in anyone’s interests.
The Chancellor set out in November our ambitious plans to renew the UK’s position as the world’s pre-eminent financial centre – ensuring it is more open, technologically advanced, a global leader in green finance, and of course well-regulated.
Asked by: Lord Myners (Crossbench - Life peer)
Question to the Department of Health and Social Care:
To ask Her Majesty's Government what plans they have to publish a daily report of the number of people who have received a COVID-19 vaccination in each 24 hour period.
Answered by Lord Bethell
The Government publishes daily data on the number of people who have received a vaccination, first and second dose, on the National Health Service online COVID-19 vaccinations dashboard.
Asked by: Lord Myners (Crossbench - Life peer)
Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government when they will disclose the names of (1) borrowers, and (2) amounts borrowed, under (a) the Bounce Back Loan Scheme, and (b) the Coronavirus Business Interruption Loan Scheme.
Answered by Lord Callanan - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
Details of facilities made available under the Bounce Back Loan Scheme and the Coronavirus Business Interruption Loan Scheme will be published where required by the European Commission’s Transparency Aid Module in due course.
Asked by: Lord Myners (Crossbench - Life peer)
Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 17 December 2020 (HL11087), what assessment they have made of whether it would now be a good use of public resources to publish the names of those firms borrowing under Coronavirus Business Interruption Loan Scheme and Bounce Back Loan Scheme.
Answered by Lord Callanan - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
Details of facilities made available under the Coronavirus Business Interruption Loan Scheme and the Bounce Back Loan Scheme will be published where required by the European Commission’s Transparency Aid Module.
Asked by: Lord Myners (Crossbench - Life peer)
Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government why Greensill Capital remains listed on the British Business Bank website as an accredited lender.
Answered by Lord Callanan - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
The British Business Bank is tasked with administering the Covid-19 debt guarantee schemes to ensure compliance with its terms. The details of its compliance activity with individual lenders is a commercially sensitive matter.
While the Bank looks into Greensill’s position it is not able to originate new lending that benefits from a Government guarantee.