Ministerial statement on Monday, 9 March 2009, in the House of Commons, led by Stephen Timms.

Banking (Asset Protection Scheme)

Statement on the asset protection scheme and the agreement, in principle, reached on Saturday 7 March between the Treasury and Lloyds Banking Group.

Secondary information

Type: Parliamentary proceeding
Reference: 489 c33-45
Session: 2008-09
Department: Treasury
Chamber / Committee: House of Commons chamber
Proceeding contributions: Stephen Timms | 489 c41 (Link to this contribution) Yes, a good deal more work has to be done before the final details are absolutely pinned down and si...; Lord Tyrie | 489 c41-2 (Link to this contribution) Whatever the intentions of the Prime Minister, will the Financial Secretary accept that the effect o...; Stephen Timms | 489 c42 (Link to this contribution) The hon. Gentleman is quite wrong to characterise what happened between Lloyds and HBOS in that way....; Mark Durkan | 489 c42 (Link to this contribution) Does the £11 billion figure for business lending include private finance initiative lending, which w...; Stephen Timms | 489 c42-3 (Link to this contribution) My hon. Friend is right, and that is why we will scrutinise very closely, through United Kingdom Fin...; Lord Young of Cookham | 489 c43 (Link to this contribution) Further to the Financial Secretary's reply to the hon. Member for Foyle (Mark Durkan), he has consis...; Stephen Timms | 489 c42 (Link to this contribution) My hon. Friend is absolutely right to point out that we all depend on the banking system—businesses,...; Justine Greening | 489 c42 (Link to this contribution) When can the House expect a statement on the quantitative easing policy that is now being pursued by...; Stephen Timms | 489 c42 (Link to this contribution) I refer the hon. Lady to what the Bank of England said last week: monetary policy is a matter for th...; Stephen Timms | 489 c45 (Link to this contribution) I am having some difficulty in recognising the figures to which the hon. Gentleman has referred. Let...; William Cash | 489 c45 (Link to this contribution) The Financial Secretary may know that I have been having a running battle with the Chancellor and th...; Stephen Timms | 489 c44 (Link to this contribution) The initiative for the merger came from the banks themselves; I understand they were talking about i...; Stephen Timms | 489 c45 (Link to this contribution) Of course, it is an option for banks to set up, effectively, a bad bank or divide themselves into a ...; Andrew Pelling | 489 c45 (Link to this contribution) The Financial Secretary referred earlier to what happened in Sweden, which had the advantage of comp...; Stephen Timms | 489 c45 (Link to this contribution) As the hon. Lady knows, the Monetary Policy Committee is the responsibility of the Bank of England, ...; Anne Main | 489 c45 (Link to this contribution) May I join the hon. Member for Thurrock (Andrew Mackinlay) in saying that I am feeling somewhat bemu...; David Leslie Taylor | 489 c44 (Link to this contribution) A moment or two ago, the Financial Secretary said that the Treasury would take robust action against...; Stephen Timms | 489 c44 (Link to this contribution) As I said earlier, we shall be receiving more regular information, and it will be possible for us to...; Andrew MacKay | 489 c44 (Link to this contribution) May I return the Financial Secretary to his answer to my hon. Friend the Member for Putney (Justine ...; Stephen Timms | 489 c44 (Link to this contribution) I do not think that anyone should be allowed to continue double dipping or any of the other avoidanc...; John Mason | 489 c44 (Link to this contribution) The Financial Secretary has said on a number of occasions that the shareholders voted for this merge...; Stephen Timms | 489 c44 (Link to this contribution) My right hon. Friend the Chancellor of the Exchequer has already commented on the issue in the House...; Andrew Mackinlay | 489 c43 (Link to this contribution) I would like to put it to the Financial Secretary that some of us feel that we are involved in the b...; Stephen Timms | 489 c43 (Link to this contribution) Ultimately, it would be possible for the Government to withdraw access to the scheme. That will not ...; Julia Goldsworthy | 489 c43 (Link to this contribution) In his statement and in his subsequent answers, the Minister reiterated that the Government would re...; Stephen Timms | 489 c43 (Link to this contribution) My hon. Friend is right about the size of the numbers with which we are dealing. As I have said, we ...; Stephen Timms | 489 c33-4 (Link to this contribution) With permission, I shall make a statement on the asset protection scheme, and the agreement in princ...; James Plaskitt | 489 c41 (Link to this contribution) The asset protection scheme is clearly playing a vital role in helping to resolve the problems in th...; Stephen Timms | 489 c41 (Link to this contribution) Of course, there is some uncertainty about what the arrangement will cost over time. The uncertainty...; Lord Redwood | 489 c41 (Link to this contribution) Is not the truth that the taxpayer is not just being asked to stand behind £585 billion of especiall...; Stephen Timms | 489 c41 (Link to this contribution) My hon. Friend is absolutely right to highlight the importance of that. We will be reporting annuall...; Sally Keeble | 489 c40 (Link to this contribution) My right hon. Friend referred to the fact that the bank would be making monthly reports to the Gover...; Lord Swire | 489 c40 (Link to this contribution) The Financial Secretary said in his statement that £11 billion-worth of loans to small businesses wo...; Stephen Timms | 489 c40 (Link to this contribution) My hon. Friend is, of course, absolutely right that there are plenty of staff in Lloyds on £17,000 s...; Stuart Bell | 489 c40 (Link to this contribution) May I thank my right hon. Friend for reiterating the position on bonuses? May I tell him that a numb...; Stephen Timms | 489 c39-40 (Link to this contribution) I am grateful to the hon. Gentleman for his description of me as "decent and capable". I regard him ...; Stephen Timms | 489 c40 (Link to this contribution) I can reassure the hon. Gentleman that the £11 billion of business lending will be additional to wha...; Dennis Skinner | 489 c42 (Link to this contribution) Is it not worth while to make the point that we should use the right language in relation to saving ...; Stephen Timms | 489 c37 (Link to this contribution) I can agree with the hon. Gentleman's final comment, but there is not much else with which I can agr...; Lord Hammond of Runnymede | 489 c34-7 (Link to this contribution) I thank the right hon. Gentleman for his statement and for his courtesy in allowing me to see a copy...; Vincent Cable | 489 c38-9 (Link to this contribution) There would once have been a time when a Government commitment of £260 billion of taxpayers' money, ...
Subjects: Assets Business Banks Finance Insurance Government assistance Government shareholding Protection Pay Mortgages Loans Asset protection scheme Lloyds Banking Group
Link: View this Parliamentary proceeding on www.publications.parliament.uk

Banking (Asset Protection Scheme)

Secondary information

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