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Letter dated 15/07/2019 from Lord Young of Cookham to Baroness Bowles regarding issues raised during the debate on the 'Report on the Financial Conduct Authority's further investigative steps in relation to RBS GRG': commercial lending for small businesses, and differences in regulatory treatment of mortgages and charges taken on residential property as security. 2p.
Letter dated 15/07/2019 from Lord Young of Cookham to Baroness Bowles regarding issues raised during the debate on the 'Report on the Financial Conduct Authority's further investigative steps in relation to RBS GRG': commercial lending for small businesses, and differences in regulatory treatment of mortgages and charges taken on residential...
My Lords, global restructuring group was a unit within RBS into which struggling companies were pushed, with little option, when instant repayment demands were threatened. Newspapers have been filled over the last few years with findings about its unfair treatment of SMEs—92% unfairly treated and material damage to 25% are...
My Lords, global restructuring group was a unit within RBS into which struggling companies were pushed, with little option, when instant repayment demands were threatened. Newspapers have been filled over the last few years with findings about its unfair treatment of SMEs—92% unfairly treated and material damage to 25% are...
My Lords, we are indebted—the appropriate word in this case—to the noble Baroness, Lady Bowles, for securing time for this short debate and for her forensic speech introducing it. I begin by drawing your Lordships’ attention to my entry in the register of interests, in particular as a director of...
My Lords, we are indebted—the appropriate word in this case—to the noble Baroness, Lady Bowles, for securing time for this short debate and for her forensic speech introducing it. I begin by drawing your Lordships’ attention to my entry in the register of interests, in particular as a director of...
My Lords, RBS’s inappropriate handling of its SME customers predates the period examined by Promontory and goes back to at least 2005. We know this because there have been whistleblowers, key among them Mark Wright, who gives me permission to use his name in this debate and who alerted senior...
My Lords, RBS’s inappropriate handling of its SME customers predates the period examined by Promontory and goes back to at least 2005. We know this because there have been whistleblowers, key among them Mark Wright, who gives me permission to use his name in this debate and who alerted senior...
My Lords, I too congratulate the noble Baroness, Lady Bowles, on securing this debate and on the forensic quality of her speech. We needed to add very little once she had completed the charge sheet, but nevertheless other noble Lords have contributed to the testimony of just what a scandal...
My Lords, I too congratulate the noble Baroness, Lady Bowles, on securing this debate and on the forensic quality of her speech. We needed to add very little once she had completed the charge sheet, but nevertheless other noble Lords have contributed to the testimony of just what a scandal...
My Lords, I commend the noble Baroness, Lady Bowles, on her choice of subject and the speech she made in introducing it. As the noble Viscount, Lord Chandos, and the noble Lord, Lord Davies, said, it was forensic, well-informed and critically focused.
The Government want a strong, diverse and dynamic economy...
My Lords, I commend the noble Baroness, Lady Bowles, on her choice of subject and the speech she made in introducing it. As the noble Viscount, Lord Chandos, and the noble Lord, Lord Davies, said, it was forensic, well-informed and critically focused.
The Government want a strong, diverse and dynamic economy...
Lords question for short debate on what assessment they have made of the Report on the Financial Conduct Authority's further investigative steps in relation to RBS GRG, published on 13 June; and what plans they have to mitigate any future mistreatment of small and medium-sized enterprises.
Lords question for short debate on what assessment they have made of the Report on the Financial Conduct Authority's further investigative steps in relation to RBS GRG, published on 13 June; and what plans they have to mitigate any future mistreatment of small and medium-sized enterprises.
My Lords, the report we are considering has already attracted a lot of comment—all of it unfavourable. The chair of the TSC said:
“This long overdue report will offer no solace to those who suffered from the disgraceful actions of RBS’s GRG”.
Kevin Hollinrake, co-chair of the APPG on Fair Business Banking,...
My Lords, the report we are considering has already attracted a lot of comment—all of it unfavourable. The chair of the TSC said:
“This long overdue report will offer no solace to those who suffered from the disgraceful actions of RBS’s GRG”.
Kevin Hollinrake, co-chair of the APPG on Fair Business Banking,...
My Lords I shall reiterate some things that have already been said in the excellent preceding speeches. In November 2013, Lawrence Tomlinson delivered his report on the practices of the global restructuring group at the Royal Bank of Scotland. The bank had been rescued from insolvency by the Government and...
My Lords I shall reiterate some things that have already been said in the excellent preceding speeches. In November 2013, Lawrence Tomlinson delivered his report on the practices of the global restructuring group at the Royal Bank of Scotland. The bank had been rescued from insolvency by the Government and...
I. Letter dated 23/05/2019 from John Glen MP to Martin Whitfield MP regarding publication of the full version of the Asset Protection Scheme Accession Agreement and necessary redactions. 2p. II. Accession Agreement to the Asset Protection Agency (APA) signed by the Royal Bank of Scotland (RBS) and HM Treasury [redacted]. 209p.
I. Letter dated 23/05/2019 from John Glen MP to Martin Whitfield MP regarding publication of the full version of the Asset Protection Scheme Accession Agreement and necessary redactions. 2p. II. Accession Agreement to the Asset Protection Agency (APA) signed by the Royal Bank of Scotland (RBS) and HM Treasury [redacted]....
To ask the Chancellor of the Exchequer to state, what the proportion of (a) incentive and (b) bonus components was of remuneration for Asset Protection Scheme personnel and senior executives, evaluated against their performance targets between 2009 and 2012; and which Minister authorised those payments.
To ask the Chancellor of the Exchequer to state, what the proportion of (a) incentive and (b) bonus components was of remuneration for Asset Protection Scheme personnel and senior executives, evaluated against their performance targets between 2009 and 2012; and which Minister authorised those payments.
The Asset Protection Agency (APA) was set up by the Government in 2009 to manage the Asset Protection Scheme (APS). The APA supported financial stability and the taxpayers’ interest by protecting financial institutions participating in the APS against exceptional credit losses on high-risk assets.
An APA Remuneration Committee advised the Chief Executive and Advisory Board on remuneration for APA staff, and advised HM Treasury on remuneration for the Chief Executive. Performance awards were made based on individual performance appraisals, which were undertaken in line with Civil Service appraisal and performance award policies. Further information on remuneration is publicly available in the APA Annual Report and Accounts here: https://webarchive.nationalarchives.gov.uk/20130129110533/http://www.hm-treasury.gov.uk/apa.htm.
The HMT Operations Committee approved the pay principles to be adopted in setting salary ranges for APA staff. Remuneration packages for senior APA staff were approved by the Cabinet Office.
The Senior Oversight Committee was established by RBS in compliance with the APS governance and oversight conditions. The Committee consisted of RBS senior management personnel and a non-executive director of RBS. The APA leadership team attended Committee meetings as non-voting observers.
My honourable friend the Economic Secretary to the Treasury (Sajid Javid) has today made the following Written Ministerial Statement.
The annual report and accounts for the Asset Protection Agency (APA) has today been laid before Parliament.
The report contains commentary on key developments in relation to the APA and the Asset...
My honourable friend the Economic Secretary to the Treasury (Sajid Javid) has today made the following Written Ministerial Statement.
The annual report and accounts for the Asset Protection Agency (APA) has today been laid before Parliament.
The report contains commentary on key developments in relation to the APA and the Asset...
The annual report and accounts for the Asset Protection Agency (APA) has today been laid before Parliament.
The report contains commentary on key developments in relation to the APA and the asset protection scheme (APS) and the annual accounts over the period from 1 April 2012 to 31 October 2012.
The...
The annual report and accounts for the Asset Protection Agency (APA) has today been laid before Parliament.
The report contains commentary on key developments in relation to the APA and the asset protection scheme (APS) and the annual accounts over the period from 1 April 2012 to 31 October 2012.
The...
To ask Her Majesty’s Government what is the total value of premium and other amounts paid and expected to be paid by United Kingdom banks to HM Treasury under the Asset Protection Scheme established in 2009; and what is the total value of claims expected to be paid.[HL2678]
To ask Her Majesty’s Government what is the total value of premium and other amounts paid and expected to be paid by United Kingdom banks to HM Treasury under the Asset Protection Scheme established in 2009; and what is the total value of claims expected to be paid.[HL2678]
UK banks, specifically the Royal Bank of Scotland (RBS) and Lloyds Banking Group (LBG), paid a total of £5 billion in fees for the protection afforded by the Asset Protection Scheme. In addition, due to the restructuring of the fee structure for RBS's
participation in the scheme in 2012, an extra £1.7million in interest payments was received by HM Treasury.
No payouts were or will be paid under the scheme, as both RBS and LBG have now left.
Asset Protection Agency. Interim Report for the period 1 April 2012 to 29 October 2012. 10 p
Asset Protection Agency. Interim Report for the period 1 April 2012 to 29 October 2012. 10 p
My honourable friend the Economic Secretary to the Treasury (Sajid Javid) has today made the following Written Ministerial Statement.
The interim report for the Asset Protection Agency (APA) has today been made electronically available in the Libraries of both Houses.
The report contains commentary on key developments in relation to the...
My honourable friend the Economic Secretary to the Treasury (Sajid Javid) has today made the following Written Ministerial Statement.
The interim report for the Asset Protection Agency (APA) has today been made electronically available in the Libraries of both Houses.
The report contains commentary on key developments in relation to the...
The interim report for the Asset Protection Agency (APA) has today been made electronically available in the Libraries of both Houses.
The report contains commentary on key developments in relation to the APA and the asset protection scheme (APS) over the period from 1 April 2012 to 29 October 2012.
I...
The interim report for the Asset Protection Agency (APA) has today been made electronically available in the Libraries of both Houses.
The report contains commentary on key developments in relation to the APA and the asset protection scheme (APS) over the period from 1 April 2012 to 29 October 2012.
I...
Today, the Government announce the exit on 18 October of the Royal Bank of Scotland (RBS) from the asset protection scheme (APS).
The APS, announced in January 2009, was created to enable the UK Government to provide participating institutions with protection against future credit losses on defined portfolios of assets in...
Today, the Government announce the exit on 18 October of the Royal Bank of Scotland (RBS) from the asset protection scheme (APS).
The APS, announced in January 2009, was created to enable the UK Government to provide participating institutions with protection against future credit losses on defined portfolios of assets in...
My honourable friend the Economic Secretary to the Treasury (Sajid Javid) has today made the following Written Ministerial Statement.
Today, the Government announce the exit on 18 October of the Royal Bank of Scotland (RBS) from the Asset Protection Scheme (APS).
The APS, announced in January 2009, was created to enable...
My honourable friend the Economic Secretary to the Treasury (Sajid Javid) has today made the following Written Ministerial Statement.
Today, the Government announce the exit on 18 October of the Royal Bank of Scotland (RBS) from the Asset Protection Scheme (APS).
The APS, announced in January 2009, was created to enable...