Written question asked by Stewart Hosie (Scottish National Party) on Tuesday, 3 March 2009, in the House of Commons. It was due for an answer on Friday, 6 March 2009. It was answered by Baroness Winterton of Doncaster (Labour) on Tuesday, 23 June 2009 on behalf of the Department for Business, Innovation and Skills.

Working Capital Scheme

Question: To ask the Minister of State, Department for Business, Innovation and Skills when the Working Capital Scheme began operation; and how much funding has been provided under the scheme.

Answer: [holding answer 6 March 2009]: The Working Capital Guarantee Scheme was formally launched on 2 March 2009 as planned when announced by the Secretary of State on the 14 January.We have signed £1 billion of guarantees with RBS and Lloyds for portfolios of £2 billion. The financing for businesses it releases has already started from 1 March as a result of the lending agreements based on the Asset Protection Scheme and WCS. We will be allocating from the £10 billion WCS, guarantees for trade credit insurance in response to the constraint to working capital arising from withdrawal of trade credit insurance. We will also be consulting on the viability of using some of these guarantees for letters of credit and other forms of export finance which are also possible areas of constraint for working capital.

Secondary information

Type: Written question
Reference: 494 c880W; 261386
Session: 2008-09
Related items: Written Questions: Government Responses
Wednesday, 9 September 2009
Written questions
House of Commons
Subjects: Business Government assistance
Link: View this Written question on www.publications.parliament.uk