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Publisher
Laid by
Mr Simon Clarke
Department
Treasury
Type
Select Committee reports (Government responses);
Command papers
Author
Treasury
Procedure
None
Laid on
13 February 2020
Subjects
Disclosure of information; Contracts; Compensation; Consumers; Accountability; Crime prevention; Armed forces; Audit; Community interest companies; Benefits rules; Cost effectiveness; Decommissioning; Assets; Costs; Banks; Construction; Community care; Confiscation orders; Central government; Competition; Apprentices; Consultants; Airports; Correspondence; Cybercrime; Department for Transport; Department for International Development; Department for Work and Pensions; Department for Environment, Food and Rural Affairs; Borders; Borrowing; Defence equipment; Ambulance services; Direct payments; Housing benefit; Fraud; Housing; Hospitals; Health services; Finance; ICT; Enforcement; Electronic tagging; Disqualification; Liability; Expenditure; Energy; Drugs; Electricity; Housing associations; Health professions; Emergency services; Internet; Domicil; General practitioners; Government shareholding; Foreign investment; Home Office; Economic growth; Forecasts; Overpayments; Offenders; NHS; Patients; Police; Local government finance; Recruitment; Pensions; Prisoners; Prisons; Management; Proceeds of crime; Public sector; Nuclear power; Nuclear Decommissioning Authority; Nuclear power stations; Private finance initiative; Misuse; Opening hours; Mortgages; Railways; Railway network; Loans; Staff; Meters; Prices; Mental health services; Mental health; Negligence; Offshore industry; Radio; Public finance; Married quarters; Ministry of Defence; Statistics; Social security benefits; Standards; Sales; Teachers; Special educational needs; Training; Young people; Screening; Security; Safety; Valuation; Taxation; VAT; Tourism; Social services; Subsidies; Timetables; Treasury; Students; Voluntary work; Right to buy scheme; Slavery; Suicide; Sponsorship; St Helena; Secure accommodation; Sellafield; Cabinet Office; Revenue and Customs; Aircraft carriers; Department of Health; Nuclear submarines; Paramedical staff; Electronic government; F-35 aircraft; Academies; UK Financial Investments; Self-harm; Department for Culture, Media and Sport; Airwave service; Department for Education; Capita; Air traffic; Bank cards; Employment and support allowance; Wind; Northern Rock; Care Quality Commission; Department of Energy and Climate Change; Granite; Clinical negligence scheme; Mobile radios; Hinkley Point C power station; Learndirect; Annington Homes; Continuing care; United Learning Trust; Warm home discount scheme; Green Investment Bank; High Speed 2 line; Universal credit; Office for Civil Society; Health Education England; Renewable heat incentive scheme; UK Asset Resolution; Ofsted; Disclosure and Barring Service; Energy company obligation; Clinical commissioning groups; NHS England; NHS Improvement; Community rehabilitation companies; Magnox; Cerberus Capital Management; STEM subjects; CarillionAmey; Brexit; NHS Shared Business Services; Personal budgets; National Citizen Service Trust; Sheffield-Rotherham tram-train pilot scheme; Greater Cambridge Greater Peterborough Enterprise Partnership; NHS Resolution; Windrush generation
Date
13 February 2020
Reference
CP 221
House
House of Lords; House of Commons
Laid by
Jane Ellison
Department
Treasury
Type
Select Committee reports (Government responses);
Command papers
Author
Treasury
Procedure
None
Laid on
6 February 2017
Subjects
Cost effectiveness; Assets; Apprentices; Land; Maladministration; Public sector; Standards; Sales; Treasury; UK Financial Investments; Department for Education; Northern Rock; Granite; Universal credit; UK Asset Resolution; UnitingCare Partnership
Date
6 February 2017
Reference
Cm. 9413
House
House of Lords; House of Commons
Type
Select Committee reports; House of Commons papers;
Parliamentary committees
Committee
Committee of Public Accounts
Notes
Report has title: Sale of Northern Rock assets
Subjects
Cost effectiveness; Assets; Domicil; Mortgages; Loans; Sales; Valuation; Taxation; Treasury; UK Financial Investments; Northern Rock; Granite; UK Asset Resolution; Cerberus Capital Management
Date
2 November 2016
Reference
HC 632 2016-17
House
House of Commons
Type
House of Commons papers; Select Committee written evidence;
Parliamentary committees
Committee
Committee of Public Accounts
Subjects
Northern Rock; Granite
Date
10 October 2016
Reference
HC 632 2016-17
House
House of Commons
Type
House of Commons papers; Select Committee oral evidence;
Parliamentary committees
Committee
Committee of Public Accounts
Witnesses
Treasury; UK Financial Investments; Financial Conduct Authority; Credit Suisse; UK Asset Resolution; Cerberus Capital Management; Charles Roxburgh
Subjects
Northern Rock; Granite
Date
12 September 2016
Reference
HC 632 2016-17
House
House of Commons
To ask Mr Chancellor of the Exchequer, what the book value of the portfolio of mortgages sold by Cerberus to TSB, following the sale of UK Asset Resolution's Granite portfolio, was on 13 November 2015.
To ask Mr Chancellor of the Exchequer, what the book value of the portfolio of mortgages sold by Cerberus to TSB, following the sale of UK Asset Resolution's Granite portfolio, was on 13 November 2015.
Asked by
Richard Burgon
(Labour)
Answered by
Harriett Baldwin
(Conservative)
Answering body
HM Treasury
Type
Written questions
Status
Answered
Tabled on
3 December 2015
For answer on
8 December 2015
Answered on
8 December 2015
Following their acquisition of the Granite portfolio, Cerberus Capital Management LP announced that they have agreed to sell £3.3bn of the assets to TSB Bank plc.
Subjects
Mortgages; Sales; TSB; Granite; UK Asset Resolution; Cerberus Capital Management
Date
8 December 2015
Reference
18758
House
House of Commons
To ask Mr Chancellor of the Exchequer, when the book value of the UK Asset Resolution's Granite portfolio was last calculated prior to the sale of Cerberus on 13 November 2015.
To ask Mr Chancellor of the Exchequer, when the book value of the UK Asset Resolution's Granite portfolio was last calculated prior to the sale of Cerberus on 13 November 2015.
Asked by
Richard Burgon
(Labour)
Answered by
Harriett Baldwin
(Conservative)
Answering body
HM Treasury
Type
Written questions
Status
Answered
Tabled on
3 December 2015
For answer on
8 December 2015
Answered on
8 December 2015
In line with UK Asset Resolution (UKAR)'s reporting cycle, the book value of the Granite portfolio was last calculated at 30 September 2015 as part of the Interim Financial Results process.
Subjects
Mortgages; Sales; Granite; UK Asset Resolution; Cerberus Capital Management
Date
8 December 2015
Reference
18761
House
House of Commons
To ask Mr Chancellor of the Exchequer, what steps the Government has taken to ensure that former Northern Rock mortgage holders will not be disadvantaged by the sale of UK Asset Resolutions' Granite Portfolio to Cerberus.
To ask Mr Chancellor of the Exchequer, what steps the Government has taken to ensure that former Northern Rock mortgage holders will not be disadvantaged by the sale of UK Asset Resolutions' Granite Portfolio to Cerberus.
Asked by
Richard Burgon
(Labour)
Answered by
Harriett Baldwin
(Conservative)
Answering body
HM Treasury
Type
Written questions
Status
Answered
Tabled on
3 December 2015
For answer on
8 December 2015
Answered on
8 December 2015
A key consideration in the selection of the successful bidder was the continued fair treatment of customers. Cerberus was selected following a thorough due diligence process, and like any buyer, remains subject to the regulatory oversight of the Financial Conduct Authority; including the requirement of Treating Customers Fairly.
Day-to-day management of the assets within the Granite portfolio will remain with the mortgage servicing arm of UK Asset Resolution, and there will be no changes to the terms and conditions of the mortgages involved in the transaction.
Subjects
Mortgages; Sales; Granite; UK Asset Resolution; Cerberus Capital Management
Date
8 December 2015
Reference
18745
House
House of Commons
To ask Mr Chancellor of the Exchequer, whether he took the National Crime Agency investigation into the Project Eagle loan sale by Ireland's National Asset Management Agency to Cerberus into account in decisions on the sale of UK Asset Resolutions' Granite Portfolio to Cerberus.
To ask Mr Chancellor of the Exchequer, whether he took the National Crime Agency investigation into the Project Eagle loan sale by Ireland's National Asset Management Agency to Cerberus into account in decisions on the sale of UK Asset Resolutions' Granite Portfolio to Cerberus.
Asked by
Richard Burgon
(Labour)
Answered by
Harriett Baldwin
(Conservative)
Answering body
HM Treasury
Type
Written questions
Status
Answered
Tabled on
3 December 2015
For answer on
8 December 2015
Answered on
8 December 2015
Cerberus was selected as the successful bidder for UK Asset Resolution (UKAR)’s Granite portfolio following a thorough due diligence process. Cerberus have confirmed to UKAR that their involvement in the Project Eagle loan sale was conducted with the utmost integrity; and have separately provided a detailed submission to the Northern Ireland Committee on Finance and Personnel, which conducted a full enquiry into the sale.
Subjects
Mortgages; Sales; Granite; UK Asset Resolution; Cerberus Capital Management
Date
8 December 2015
Reference
18744
House
House of Commons
My Lords, the declaration by Granite Master Trust of a non-asset trigger event has no impact on the viability of Northern Rock as a business. Preliminary analysis of the company's numbers by our financial advisers suggested that Granite moving into pass-through would not be detrimental to the interests of the taxpayer.
My Lords, the declaration by Granite Master Trust of a non-asset trigger event has no impact on the viability of Northern Rock as a business. Preliminary analysis of the company's numbers by our financial advisers suggested that Granite moving into pass-through would not be detrimental to the interests of the taxpayer.
Answered by
Lord Myners
(Labour)
Asked by
Baroness Noakes
(Conservative)
Type
Oral answers to questions
What are the consequences for Northern Rock and for the Government of the declaration by Granite Master Trust plc of a non-asset trigger event.
Subjects
Northern Rock; Granite
Date
26 November 2008
Reference
705 c1442-3
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, the seller share trigger is 8.23 per cent of the pool. The seller’s interest share fell below that because Northern Rock concluded that it wished neither to put high-quality assets into Granite—it had not done that since September 2007, which is totally in accordance with its agreement under state aid not to grow its book of business—nor to take assets out of Granite. Accordingly, under rapid amortisation, its position moves from pari passu to subordination, but it has not changed in terms of the quality of the underlying assets in place to meet its obligations. I confirm that the noble Baroness, Lady Noakes, is correct that the taxpayer has no specific responsibility related to Granite. Granite is not guaranteed by Northern Rock or the taxpayer.
My Lords, the seller share trigger is 8.23 per cent of the pool. The seller’s interest share fell below that because Northern Rock concluded that it wished neither to put high-quality assets into Granite—it had not done that since September 2007, which is totally in accordance with its agreement under state aid not to grow its book of business—nor to take assets out of Granite. Accordingly, under rapid amortisation, its position moves from pari passu to subordination, but it has not changed in terms of the quality of the underlying assets in place to meet its obligations. I confirm that the noble Baroness, Lady Noakes, is correct that the taxpayer has no specific responsibility related to Granite. Granite is not guaranteed by Northern Rock or the taxpayer.
Answered by
Lord Myners
(Labour)
Asked by
Baroness Noakes
(Conservative)
Type
Oral answers to questions
My Lords, I thank the Minister for that response. Does he agree that throughout the passage of the Northern Rock legislation we were consistently told by the noble Lord, Lord Davies of Oldham, that there would be no exposure to Granite as a result of the nationalisation of Northern Rock? Will the Minister confirm that the non-asset trigger, and indeed the arrears trigger which also happened last week, means that Northern Rock will now receive nothing from Granite until all the other bondholders are repaid and that, if there is any shortfall, Northern Rock remains exposed for the £3.3 billion or so seller share, which, one way or another, will end up being borne by the taxpayer?
Subjects
Northern Rock; Granite
Date
26 November 2008
Reference
705 c1443
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, I thank the Minister for that response. Does he agree that throughout the passage of the Northern Rock legislation we were consistently told by the noble Lord, Lord Davies of Oldham, that there would be no exposure to Granite as a result of the nationalisation of Northern Rock? Will the Minister confirm that the non-asset trigger, and indeed the arrears trigger which also happened last week, means that Northern Rock will now receive nothing from Granite until all the other bondholders are repaid and that, if there is any shortfall, Northern Rock remains exposed for the £3.3 billion or so seller share, which, one way or another, will end up being borne by the taxpayer?
My Lords, I thank the Minister for that response. Does he agree that throughout the passage of the Northern Rock legislation we were consistently told by the noble Lord, Lord Davies of Oldham, that there would be no exposure to Granite as a result of the nationalisation of Northern Rock? Will the Minister confirm that the non-asset trigger, and indeed the arrears trigger which also happened last week, means that Northern Rock will now receive nothing from Granite until all the other bondholders are repaid and that, if there is any shortfall, Northern Rock remains exposed for the £3.3 billion or so seller share, which, one way or another, will end up being borne by the taxpayer?
Asked by
Baroness Noakes
(Conservative)
Oral questions - 1st Supplementary
Status
Answered
Answered on
26 November 2008
My Lords, the seller share trigger is 8.23 per cent of the pool. The seller’s interest share fell below that because Northern Rock concluded that it wished neither to put high-quality assets into Granite—it had not done that since September 2007, which is totally in accordance with its agreement under state aid not to grow its book of business—nor to take assets out of Granite. Accordingly, under rapid amortisation, its position moves from pari passu to subordination, but it has not changed in terms of the quality of the underlying assets in place to meet its obligations. I confirm that the noble Baroness, Lady Noakes, is correct that the taxpayer has no specific responsibility related to Granite. Granite is not guaranteed by Northern Rock or the taxpayer.
Subjects
Northern Rock; Granite
Date
26 November 2008
Reference
705 c1443
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, on the subject of taxpayer liabilities in respect of the bank rescue schemes, how much taxpayers’ money, to the nearest billion, has been lost as a result of the dividend policy on the underwriting of the shares of Royal Bank of Scotland and other banks?
My Lords, on the subject of taxpayer liabilities in respect of the bank rescue schemes, how much taxpayers’ money, to the nearest billion, has been lost as a result of the dividend policy on the underwriting of the shares of Royal Bank of Scotland and other banks?
Asked by
Lord Forsyth of Drumlean
(Conservative)
Oral questions - Supplementary
Status
Answered
Answered on
26 November 2008
My Lords, I am pleased to notify the noble Lord that no money has been lost. These are long-term commitments. As a former employee of a major American bank, he well knows that one cannot factor in a specific analysis to explain a market development. The stock market has continued to fall since we took action to support the British banking system. That action has been widely acclaimed throughout the world as right, correct and proper to defend depositors. We are taking action when it is required.
Subjects
Northern Rock; Granite
Date
26 November 2008
Reference
705 c1443
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, Granite is an entirely separate vehicle from Northern Rock. It is a plc based in the Channel Islands. The Government exercise no direct influence over Granite. However, in an attempt to be helpful to the noble Lord, Lord Naseby—
I apologise to the noble Lord, Lord Naseby. I am new to the House and I am trying very hard.
After each session in the House my noble friend Lord Barnett gives me a little tutorial on the mistakes I have made. Lord Newby, sir, foreclosures are higher in Northern Rock than in other mortgage lenders because its lending was more irresponsible. It is as simple as that.
My Lords, Granite is an entirely separate vehicle from Northern Rock. It is a plc based in the Channel Islands. The Government exercise no direct influence over Granite. However, in an attempt to be helpful to the noble Lord, Lord Naseby—
I apologise to the noble Lord, Lord Naseby. I am new to the House and I am trying very hard.
After each session in the House my noble friend Lord Barnett gives me a little tutorial on the mistakes I have made. Lord Newby, sir, foreclosures are higher in Northern Rock than in other mortgage lenders because its lending was more irresponsible. It is as simple as that.
Answered by
Lord Myners
(Labour)
Asked by
Lord Newby
(Liberal Democrat)
Type
Oral answers to questions
My Lords, does the Minister accept that one of the consequences of the recent action in respect of Granite is that it might, in response to its own bondholders, become more aggressive in repossessing properties which fall within its portfolio? Do the Government have any influence whatever over the management of Granite to prevent it acting so aggressively, and if they do, will they exercise it?
Subjects
Northern Rock; Granite
Date
26 November 2008
Reference
705 c1444
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, the noble Lord seems to be saying that there are no consequences whatsoever for Northern Rock or the Government as a result of this declaration. Is that right?
My Lords, the noble Lord seems to be saying that there are no consequences whatsoever for Northern Rock or the Government as a result of this declaration. Is that right?
Asked by
Lord Higgins
(Conservative)
Oral questions - Supplementary
Status
Answered
Answered on
26 November 2008
My Lords, I can confirm that that is correct. This is neither advantageous nor detrimental to the interests of the Government in terms of Northern Rock exposure.
Subjects
Northern Rock; Granite
Date
26 November 2008
Reference
705 c1445
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, Granite is a separately capitalised vehicle in which Northern Rock had an interest known as a seller’s share. That is part of the cascading waterfall of liabilities. That was the case when Northern Rock was taken into temporary public ownership. It is not a bondholder; it has a seller’s equity interest in the Granite structure.
My Lords, Granite is a separately capitalised vehicle in which Northern Rock had an interest known as a seller’s share. That is part of the cascading waterfall of liabilities. That was the case when Northern Rock was taken into temporary public ownership. It is not a bondholder; it has a seller’s equity interest in the Granite structure.
Answered by
Lord Myners
(Labour)
Asked by
Lord Barnett
(Labour)
Type
Oral answers to questions
My Lords, my noble friend’s comments are absolutely right as regards the action we have taken. However, I gather that Granite was not part of the Northern Rock nationalisation. Is the press report correct that we have some exposure to Granite? If that is the case, what kind of totally unsecured bond did we take in Granite, if we took one at all, which I hope we did not?
Subjects
Northern Rock; Granite
Date
26 November 2008
Reference
705 c1443-4
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, I believe that the payment to BDO Stoy Hayward in respect of any compensation that might be due to the shareholders of Northern Rock was part of a public tender exercise and was agreed at a fixed fee of £4.5 million. I am not sure whether all or any part of that has yet been paid. Other fees that have been incurred by Northern Rock are a matter for Northern Rock to report on and I am afraid that I am not in a position to give a helpful answer about the quantum. However, from our perspective, we will certainly ensure that we seek value for money in every aspect of government’s involvement in this, as we do in all aspects of government policy.
My Lords, I believe that the payment to BDO Stoy Hayward in respect of any compensation that might be due to the shareholders of Northern Rock was part of a public tender exercise and was agreed at a fixed fee of £4.5 million. I am not sure whether all or any part of that has yet been paid. Other fees that have been incurred by Northern Rock are a matter for Northern Rock to report on and I am afraid that I am not in a position to give a helpful answer about the quantum. However, from our perspective, we will certainly ensure that we seek value for money in every aspect of government’s involvement in this, as we do in all aspects of government policy.
Answered by
Lord Myners
(Labour)
Asked by
Lord Trimble
(Conservative)
Type
Oral answers to questions
My Lords, there are rumours to the effect that in the region of £4 million has been paid to accountants for the valuation of the assets of Northern Rock, plus a further sum with regard to Granite, and total audit fees of £12 million. Are these figures correct? If they are, what was done in terms of tendering for this contract and could it not have been done more cheaply?
Subjects
Northern Rock; Granite
Date
26 November 2008
Reference
705 c1446
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, there are rumours to the effect that in the region of £4 million has been paid to accountants for the valuation of the assets of Northern Rock, plus a further sum with regard to Granite, and total audit fees of £12 million. Are these figures correct? If they are, what was done in terms of tendering for this contract and could it not have been done more cheaply?
My Lords, there are rumours to the effect that in the region of £4 million has been paid to accountants for the valuation of the assets of Northern Rock, plus a further sum with regard to Granite, and total audit fees of £12 million. Are these figures correct? If they are, what was done in terms of tendering for this contract and could it not have been done more cheaply?
Asked by
Lord Trimble
(Conservative)
Oral questions - Supplementary
Status
Answered
Answered on
26 November 2008
My Lords, I believe that the payment to BDO Stoy Hayward in respect of any compensation that might be due to the shareholders of Northern Rock was part of a public tender exercise and was agreed at a fixed fee of £4.5 million. I am not sure whether all or any part of that has yet been paid. Other fees that have been incurred by Northern Rock are a matter for Northern Rock to report on and I am afraid that I am not in a position to give a helpful answer about the quantum. However, from our perspective, we will certainly ensure that we seek value for money in every aspect of government’s involvement in this, as we do in all aspects of government policy.
Subjects
Northern Rock; Granite
Date
26 November 2008
Reference
705 c1446
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, that is because, as the noble Lord, Lord Forsyth, would know, equity investment is long term and we are confident that the wisdom of this investment over the long term will be vindicated.
My Lords, that is because, as the noble Lord, Lord Forsyth, would know, equity investment is long term and we are confident that the wisdom of this investment over the long term will be vindicated.
Answered by
Lord Myners
(Labour)
Asked by
Lord Forsyth of Drumlean
(Conservative)
Type
Oral answers to questions
My Lords, further to the noble Lord’s answer to me, can he assist me as a former investment manager and explain why, if the shares in the Royal Bank of Scotland and other banks were underwritten at a given share price and the value of that share price is now £8 billion less, there has not been a loss to the taxpayer?
Subjects
Northern Rock; Granite
Date
26 November 2008
Reference
705 c1445
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, my noble friend’s comments are absolutely right as regards the action we have taken. However, I gather that Granite was not part of the Northern Rock nationalisation. Is the press report correct that we have some exposure to Granite? If that is the case, what kind of totally unsecured bond did we take in Granite, if we took one at all, which I hope we did not?
My Lords, my noble friend’s comments are absolutely right as regards the action we have taken. However, I gather that Granite was not part of the Northern Rock nationalisation. Is the press report correct that we have some exposure to Granite? If that is the case, what kind of totally unsecured bond did we take in Granite, if we took one at all, which I hope we did not?
Asked by
Lord Barnett
(Labour)
Oral questions - Supplementary
Status
Answered
Answered on
26 November 2008
My Lords, Granite is a separately capitalised vehicle in which Northern Rock had an interest known as a seller’s share. That is part of the cascading waterfall of liabilities. That was the case when Northern Rock was taken into temporary public ownership. It is not a bondholder; it has a seller’s equity interest in the Granite structure.
Subjects
Northern Rock; Granite
Date
26 November 2008
Reference
705 c1443-4
Chamber / Committee
House of Lords chamber
House
House of Lords