Written question asked by Lord Laird (Ulster Unionist Party), in the House of Lords. It was answered by Lord Sassoon (Conservative) on Thursday, 28 October 2010.

Dunfermline Building Society

Question: To ask Her Majesty’s Government who were the professional advisers for the Bridge Bank that took over part of the Dunfermline Building Society in March 2009; what were their charges; what those charges consisted of; and whether they have been fully paid.

Answer: Under Section 80(1) of the Banking Act 2009 the Bank of England is required to report to the Chancellor of the Exchequer about the activities of the DBS Bridge Bank and under Section 80(4) the Chancellor of the Exchequer is required to lay this report before both Houses of Parliament. The first such report was laid in both Houses of Parliament on 21 July 2010. This report can be obtained from both the websites of the Treasury and the Bank of England and contains detailed information on amounts paid to the DBS Bridge Bank professional advisers. As set out in the report, £3,122,000 was paid out in respect of operating costs and professional fees including: £2,325,721 to Ernst & Young for operational management and management of the sale process, £656,745 to Freshfields Bruckhaus Deringer for legal advice, and £43,585 paid to KPMG for tax advice.

Secondary information

Type: Written question
Reference: 2715; 721 c313-4WA
Session: 2010-12
Related items: Dunfermline Building Society
Wednesday, 1 December 2010
Written questions
House of Lords
Subjects: Consultants Fees and charges Expenditure Dunfermline Building Society DBS Bridge Bank
Link: View this Written question on www.publications.parliament.uk