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Written question asked by Dai Davies (Independent (affiliation)) on Tuesday, 9 June 2009, in the House of Commons. It was due for an answer on Thursday, 11 June 2009. It was answered by Sarah McCarthy-Fry (Labour) on Thursday, 16 July 2009 on behalf of the Treasury.

Financial Services: City of London

Question
To ask the Chancellor of the Exchequer how much has been paid to City investment banks for advice on restructuring the financial sector in the last 12 months; and how many employees of such banks have been seconded to his Department to work on that restructuring.
Answer

The Treasury's accounting system does not separately identify spending with investments banks. The following table shows spending with companies in 2008-09 that are known to be investment banks, but this may not represent a complete list.

Organisation £ 000
Deutsche Bank 41
Citigroup 1,922
Credit Suisse 6,365
Morgan Stanley 1,501

The figures are provisional as they form part of the Treasury's Resource Account, which is subject to audit by the Comptroller and Auditor General. The majority of the sums listed relate to advice given to the Treasury on financial stability measures. Under a number of agreements with financial institutions, certain fees are recoverable and the sums listed do not therefore represent a net cost to the Treasury.No record could be found of staff being seconded from the organisations listed to work on restructuring of the financial sector.

Secondary information

Type
Written question
Reference
496 c685-6W;496 c684-5W; 279350
Session
2008-09
Subjects
Banks Regulation
Contains statistics
Yes
Link
View this Written question on www.publications.parliament.uk