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Voted of Which Administration 159735 UNCLASSIFIED DEPARTMENT: HM TREASURY, Supplementary Estimate 2011-12 INTRODUCTION and KEY POINTS The Estimate covers the administration costs of the core Treasury, the Debt Management Office, United Kingdom Financial Investments Ltd, Asset Protection Agency, Infrastructure UK and the Department’s non- departmental public bodies (NDPBs) the Office for Budget Responsibility (OBR), the Royal Mint Advisory Committee (RMAC), the Financial Services Compensation Scheme (FSCS) and the Money Advice Service (MAS – formerly the Consumer Financial Education Body). Programme spending on coinage and financial stability is also included. Changes sought in the 2011-12 Supplementary Estimate 2011-12 Budgets and £’000 net cash requirement Current Change New limit limit Voted Non- voted Departmental Expenditure Limit (DEL) Resource 196,613 -12,904 - 183,709 Of which 159,735 -12,904 - 146,831 Administration Capital 51,540 9,200 - 60,740 Annually Managed Expenditure (AME) Resource - -927,150 260 - 2,158,101 3,084,991 Capital 1,110,110 - - - 4,216,000 3,105,890 Net cash requirement -316.9 - - - 4,143,802 4,460,762 UNCLASSIFIED UNCLASSIFIED Significant differences in provision compared to the 2011-12 Main Estimate. DEL The Main Estimate provided a resource DEL of £196.6m which included an administration budget of £159.7m and a capital DEL of £51.5m. Resource DEL administration outturn is forecast to be at least £13m lower than the current limit. It has been agreed that of that underspend, the maximum amount (2%) will be carried forward under the Budget Exchange scheme. The Resource DEL has therefore been reduced by £3.9m. Within capital DEL spending, £12.2m was allocated for core Treasury at the Main Estimate, mainly for spending on the Workspace project and Project OSCAR. However, spending on the projects is forecast to exceed that allocation by £9.0m. It has been agreed that this overspend can be covered by utilising part of the resource DEL underspend and transferring it to capital DEL AME Resource AME provision in the 2011-12 Main Estimate was -£2.158bn. This figure did not take account of changes in share or other asset values which are normally included in the final Supplementary Estimate of the financial year. As we now have just one Supplementary Estimate, those asset value changes have been included in this Supplementary Estimate. These changes account for most of the reduction in resource AME – Royal Bank of Scotland and Lloyds Banking Group shares have been impaired by £23.4bn and the fair value of the assets within the Bank of England Asset Purchase Facility Fund (BEAPFF) and the Asset Protection Scheme (APS) have increased in value by £24.2bn. DETAILED BREAKDOWN (Section lettering reflects the Supplementary Estimate changes) DEL UNCLASSIFIED UNCLASSIFIED Section A Core Treasury - reduction of £4.888m administration, increase of £0.890m programme and an increase of £9m capital. The administration reduction is the net effect of a transfer of £8.1m to capital DEL to finance increased spending, mainly on the Workspace project to cover increased costs and to bring forward spending, a transfer to IUK (Section E) of £0.425m gross spending and income of £0.175m. To offset these reductions the following changes are being made - the transfer of an underspend of £3.460m from DMO Section B, increased income of £6.535m arising from increases in rental income from letting of accommodation and increased secondment income and a matching increase in gross spending and the transfer of the two £1k token amounts from the former Sections covering the Money Advice Service (formerly the Consumer Financial Education Body) and the Financial Services Compensation Scheme. The increase in programme spending of £0.890m is the net effect transfers to Section B DMO of income of £1.4m which was incorrectly included in Section A less a transfer of £0.510m gross spending to Section B. The DEL ambit has been amended to specifically cover costs arising from the sale of investments which are paid from this section of the Estimate. Section B Debt Management Office – net reductions in administration spending of £3.460m, programme spending of £0.890m and an increase in capital DEL of £0.200m. The change in administration spending arises from increased income of £3.5m from the Public Works Loan Board (PWLB) following increased business with local authorities and an increase in gross spending of £0.040m to reflect the latest forecast of spending. The decrease in net resource programme spending of £0.890m is the net effect of transfers from Section A of income of £1.4m which was incorrectly allocated to Core Treasury in the Main Estimate offset by a transfer of gross spending £0.510m from Section A. The increase in capital expenditure of £0.2m relates to IT spending. UNCLASSIFIED UNCLASSIFIED Section D Asset Protection Agency no net change but gross spending and income figures have been revised to reflect the level of activity expected this year. Section E Infrastructure UK - net increase of £0.250m comprising an increase of £0.425m gross spending transferred from section A offset by increased income of £0.175m. The gross increase reflects a revised forecast of spending which has been offset by increased secondee income. Section G Office of Tax Simplification (OTS) – increased by a budget transfer from HMRC of £0.196m towards the costs of running the Office. Departmental Unallocated Provision (DUP) – the administration DUP has been reduced by £5m to zero to reflect a reduction in the department’s administration budget and Resource DEL of £3.9m for carry forward of spending under the Budget Exchange Scheme into 2012-13 and a transfer of £1.1m to core Treasury capital DEL to cover increased spending on the Workspace project. The Money Advice Service (formerly the Consumer Financial Education Body) and Financial Services Compensation Scheme respectively. Spending by these bodies has been re-classified to AME given the nature of their spending so the token amounts have been reallocated to Section A core Treasury and new Sections created under AME. AME Section K UK coinage metal costs - the coinage metal forecast for the year has increased by £3m reflecting the Royal Mint’s latest estimates for the metal costs of production for the year. Section M Assistance to Financial Institutions. The large reduction in provision arises from an increase in fair value of derivatives – Asset Protection Scheme (APS) £0.2bn and Bank of England Asset Purchase Facility Fund (BEAPFF) £24.051bn non-cash. The fair value of the BEAPFF derivative represents the best estimate of the amount due to HM Treasury from the Bank of England on settlement of the scheme. It UNCLASSIFIED UNCLASSIFIED is arrived at by calculating the difference between the fair value of the assets as at the reporting date and their purchase price in the quantitative easing, less administration and interest charges. In the same Section there is also a net reduction in income of £0.143bn comprising the movement of £0.372bn interest in respect of FSCS from Section M to Section W, additional income of £0.320bn for RBS contingent capital fees,£0.024bn in interest relating to the Dunfermline loan less £0.115bn relating to a revised forecast of CGS fees. The net change in Section M is -£24.108bn. Section N Provisions The reduction of £4m in provisions arises from the forecast increase in the costs of administering the Equitable Life Payment Scheme (ELPS) (see Section S below). Section O Impairments. The large increase in provision mainly arises from the impairment of RBS and LBG shares £23.399bn non-cash. Shares in RBS were originally purchased at an average cost of 51p and shares in LBG were purchased at an average cost of 74p. By 31 March 2011 the share prices had fallen to 40.79p and 58.09 respectively. Cumulative impairment charges from 2008-09 to 2010-11 were £9.4bn for RBS and £8.7bn for LBG. For the Supplementary Estimate, the share price as at 31 December 2011 was used. For RBS this was 20.18p and for LBG it was 25.90p. These result in calculated impairments for of £17.7bn for RBS and £5.7bn for LBG. The large increase in impairment for RBS in particular was as a result of the B- shares being impaired for the first time due to the fall from their purchase price of 50p being judged by HMT to be significant. The final impairment as at 31 March 2012 will depend on the share price at that date. There are also impairments of -£0.143bn relating to statutory debt on loans comprising £0.431m for Heritable, £2.141m for Kaupthing, Singer and Friedlander (KSF), £62.566m for Depositors’ and Investors’ Guarantee Fund (DIGF) offset by impairment reversals of £106.864m for Icesave and £101.189m for Dunfermline.. The net change in Section O is £23.256bn UNCLASSIFIED UNCLASSIFIED Section P Investment in the Bank of England. The Main Estimate included a figure of £150m for the dividend on the department’s investment in the Bank of England (BoE). This was an early forecast based on the previous year’s provision. The latest forecast indicates a dividend of around £30m for 2011-12, down from £63m in 2010-11 and £97m in 2009-10, reflecting a reduction in profits due to the drop in financial stability related transactions by the Bank over the past two years. Section Q Bradford & Bingley (B&B) -£208m resources and -£700m capital – the resource reduction arises from an increase in the interest rate charged on B&B’s working capital loan. The reduction in the capital figure arises from a reduction of £550m in the working capital requirement and a repayment of £150m loan principal.
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