Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answer by Baroness Penn on 28 March (HL7077), whether they will describe the risks that they have assessed regarding their decision not to publish the Asset Purchase Facility deed indemnity; and which of these risks would “not advance the public’s understanding" of the arrangement by which HM Treasury indemnifies the Asset Purchase Facility.

The Asset Purchase Facility (APF) deed indemnity will not be published. The disclosure of the APF deed indemnity would be likely to expose sensitive information relating to the quantitative easing scheme and related processes.

HM Treasury indemnifies the APF which means that any losses or gains from the APF accrue to HM Treasury. This is public knowledge and the publication of the deed of indemnity will not advance the public’s understanding of that arrangement.

The Bank of England publishes quarterly reports for the APF, which explain to the public the implications of indemnity for the Treasury and the cash transfer arrangements between the Bank and Treasury.