DOCSLIB.ORG

DEPARTMENT: HM TREASURY, Main Estimate 2012-13

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
DEPARTMENT: HM TREASURY, Main Estimate 2012-13 UNCLASSIFIED DEPARTMENT: HM TREASURY, Main Estimate 2012-13 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). Programme spending on coinage and financial stability is also included. The Estimate is consistent with the Spending Review settlement after taking account of budgetary transfers to other departments which are explained below. Amounts sought in the 2012-13 Main Estimate 2012-13 Budgets and net cash £m requirement Voted Non- Total voted Departmental Expenditure Limit (DEL) Resource 179.7 12.0 191.7 Capital 25.5 - 25.5 Annually Managed Expenditure (AME) Resource - 2.9 -1,467.9 1,470.8 Capital 669.2 - 669.2 Net cash requirement - - -2,754.3 2,754.3 Significant differences in provision compared to the Spending Review settlement and the 2011-12 Estimates. DEL The spending review settlement provided DEL spending in 2012-13 of £191.2m comprising £155.6m administration budget and £35.6m programme costs. Subsequently there were three budgetary transfers to other government departments as follows: UNCLASSIFIED UNCLASSIFIED £0.9m programme costs to the Department for Communities and Local Government in respect of Ordnance Survey mapping costs (there are further transfers of £0.8m in 2013-14 and £0.7m in 2014-15); and £1.4m administration costs to the Cabinet Office and £0.2m to the Department for Business, Innovation and Skills in respect of Group Shared Services provision attributable to the Office of Government Commerce. In addition there were two other changes impacting on the DEL budget. The budget was reduced by £1m (administration) in each year from 2012-13 to 2014-15 following the announcement in the Autumn Statement on public sector pay restraint. Following the 2011-12 Supplementary Estimate, £3.9m (administration) was rolled forward into 2012-13 under the Budget Exchange scheme AME Resource AME provision in the 2012-13 Main Estimate is lower than the final 2011-12 Estimate provision principally due a reduction in the forecast of income in 2012-13 (around £1bn in 2011-12 compared to less than £50m this year) arising from the Credit Guarantee Scheme which is drawing to a close and the net effect of the fair value adjustment in respect of the Bank of England Asset Purchase Facility Fund (£-24bn) and the RBS and Lloyds share impairments (£23bn) which was included in the 2011-12 Supplementary Estimate. DETAILED BREAKDOWN (2011-12 figures are shown in brackets) DEL Section A Core Treasury £135.9m (£136.5m) resource and £5.3m (£21.2m) capital – resource funding covers the administrative costs of the Treasury’s core business, formulating and implementing the Government’s financial and economic policies. It also covers core Treasury programme costs including the printing of Budgets and Estimates and conferences. Capital spending is principally on workspace optimisation, Project Oscar and the future of the ORACLE UNCLASSIFIED UNCLASSIFIED accounting system. The large reduction in capital spending is due to the bulk of the Workspace project spending occurring in 2011-12. Section B Debt Management Office (DMO) £15.0m (£11.4m) resource and £0 (£0.7m) capital – resource spending covers running costs of the United Kingdom Debt Management Office (DMO). The DMO is an executive agency of the Treasury specialising in the delivery of treasury management services and related policy advice to central government. It incorporates the Public Works Loan Board (PWLB) and the Commissioners for the Reduction of the National Debt (CRND). The main objective of the PWLB is to lend capital sums to and collect repayments from local authorities and thereby minimise local authorities’ cost of borrowing. The main objective of the CRND is to provide a fund management service to public sector clients. The net increase in resource spending in 2012-13 is due to a reduction in income compared to the previous year. In 2011-12 DMO received increased income from the PWLB due to increased business with local authorities. The level of business is expected to return to normal levels this year. A capital budget for DMO had not been agreed when the Main Estimate numbers had to be finalised. Since then, £1.24m has been allocated to DMO for IT and will be funded by a transfer from the capital spending in Section A Core Treasury. Section C United Kingdom Financial Investments Limited (UKFI) £2.7m (£3m) resource – relates to administration costs including salaries and accommodation. UKFI manages the Government’s shareholdings in UK financial institutions, acquired through recapitalisation and other financial stability interventions taken in 2008 and 2009. Section D Asset Protection Agency (APA) token £1k (£1k) – relates to administration costs including salaries and accommodation in connection with operating the Asset Protection Scheme. Gross spending is offset by recharges to the Royal Bank of Scotland. Section E Infrastructure Finance Unit Ltd (IFUL) £20.2m (£38.8m) capital. Spending relates to the loan to the Greater Manchester Waste PFI project. In the 2011-12 Estimate this Section also included spending and income related to Infrastructure UK. This spending is now included in Section A. UNCLASSIFIED UNCLASSIFIED Section F UK Coinage manufacturing costs £14.0m (£17.5m) resource– payments to the Royal Mint for the cost of the manufacture and storage of UK coinage. The 2012-13 figure reflects the manufacturing profile for this year’s expected demand for coinage. Section G Departmental Unallocated Provision (DUP) – £10m (£8m resource administration and £2m programme) has been set aside to cover spending pressures that might arise in the course of the 2012- 13 financial year. Use of the DUP will be assessed at the time of the Supplementary Estimate later in the year. Section H Office of Tax Simplification (OTS) – £0.3m (£0.5m) the OTS is jointly funded by the Treasury and HMRC and the £0.3m resource spending represents the Treasury’s contribution to the running costs of the Office which was created in July 2010 to provide the Government with independent advice of simplifying the tax system. HMRC’s contribution will be assessed later in the year. Section I Office for Budget Responsibility (OBR) – £1.7m (£1.7m) resource to cover the costs of salaries and accommodation and is paid as a grant in aid. The OBR was created to provide independent and authoritative analysis of the public finances. This includes producing forecasts for the economy and public finances, judging progress towards the Government’s fiscal targets, assessing the long-term sustainability of the public finances and scrutinising the Treasury’s costing of Budget measures. Section J Royal Mint Advisory Committee on the design of coins (RMAC) – token amount of £1k (£1k). The RMAC became a Treasury body in January 2010 under arrangements for vesting the Royal Mint. The committee has around a dozen members and usually meets two or three times a year to make recommendations to the Chancellor on the design of new coins. The expenses of the Committee are met by the Royal Mint and no grant-in-aid payment is made by the Treasury. Non-voted UNCLASSIFIED UNCLASSIFIED Section K Banking and Gilts Registration Services £12m (£13m) resource – relates to payments from the National Loans Fund (NLF) to Computershare Investor Services plc for the management of the gilts register and payments from the Exchange Equalisation Account (EEA) to the Bank of England for managing the EEA. AME Section L UK Coinage metal costs £25m (£24m) resource – payments to the Royal Mint for the cost of the metal element of the production of UK coinage. Section M Northern Rock £-169m (£-174m) resource and £0m (£- 1,728m) capital – covers resource income from interest and fees and capital receipts from voluntary loan principal repayments. For 2012- 13, capital is lower than in 2011-12 due to Northern Rock Asset Management not forecasting any loan repayments during the year. Any decision to make repayments later in the year will be reflected (time permitting) in a Supplementary Estimate. Section N Assistance to Financial Institutions £-497m (£-25,743m) resource and £30m (£-1,750m) capital – the resource total arises from income from interest and fees in respect of the Credit Guarantee Scheme (CGS) and interest on loans to financial institutions. The large reduction in 2011-12 arises from the reduction in income from the CGS which is drawing to a close this year. The difference in capital spending arises from voluntary loan repayments. We have no forecasts of voluntary loan repayments from Icesave, Kaupthing, Singer and Friedlander (KSF), Heritable and Dunfermline at this time but in the event that voluntary repayments are to be made in 2012-13, the Estimate will, if necessary, be updated in the Supplementary Estimate. Section O Provisions £-21.8m (£-25.8m) resource– this mostly represents a further reduction in the provision of £1.5bn included in the 2010-11 Spring Supplementary Estimate for the Equitable Life Payments Scheme (ELPS) to cover the administration of the scheme. The reduction in the provision offsets the forecast cost of administering the scheme in 2011-12 which is shown in Section P below. UNCLASSIFIED UNCLASSIFIED Section P Equitable Life Payments Scheme £20m (£24m) resource – as noted in the text for Section O above, this represents a forecast of the cost of administering the ELPS in 2012-13 and will involve issuing payments in the order of £315m and dealing with the consequences of these payments. The payments of £315m are shown in ‘Part II: Resource to cash reconciliation’ as ‘Use of provisions’ Section Q Royal Mint dividend £-4m (£-4m) – HM Treasury wholly owns the Public Dividend Capital of the Royal Mint Trading Fund and is eligible for a dividend on its investment each year.
Load more

Recommended publications
  • A Short Guide: the NAO's Work on HM Treasury
    1 The NAO’s work on HM Treasury A ShoRT GUIDE The NAO’s work on HM Treasury June 2010 2 The NAO’s work on HM Treasury Our vision is to help the nation spend wisely. We apply the unique perspective of public audit to help Parliament and government drive lasting improvement in public services. The National Audit Office scrutinises public spending on behalf of Parliament. The Comptroller and Auditor General, Amyas Morse, is an Officer of the House of Commons. He is the head of the National Audit Office which employs some 900 staff. He and the National Audit Office are totally independent of Government. He certifies the accounts of all Government departments and a wide range of other public sector bodies; and he has statutory authority to report to Parliament on the economy, efficiency and effectiveness with which departments and other bodies have used their resources. Our work leads to savings and other efficiency gains worth many millions of pounds: £890 million in 2009-10. Contents Introduction 5 About the Department 6 The Department’s responsibilities 6 Where the Department spends its money 7 Financial management 10 Financial governance and reporting 10 Financial management across government 10 Efficiency 11 Use of information 12 Testing the reliability of performance data across government 12 Use of information by HM Treasury 13 Our audit of the budget assumptions 13 Service delivery 14 Financial stability measures 14 Procurement across government 15 Appendices 18 5 The NAO’s work on HM Treasury This short guide is one of 17 we have produced covering our work on each major government department.
    [Show full text]
  • Glossary of Treasury Terms
    GLOSSARY OF TREASURY TERMS Amortised Cost Accounting: Values the asset at its purchase price, and then subtracts the premium/adds back the discount linearly over the life of the asset. The asset will be valued at par at its maturity. Asset Life Method - MRP: As detailed under MRP, this is a charge to revenue to repay capital expenditure financed by borrowing. There are a number of options for a prudent provision for new borrowing under the Prudential system (for which no Government support is being given and is therefore self-financed) including the option to make provision over the estimated life of the asset for which the borrowing is undertaken. Authorised Limit (Also known as the Affordable Limit): A statutory limit that sets the maximum level of external borrowing on a gross basis (i.e. not net of investments) for the Council. It is measured on a daily basis against all external borrowing items on the Balance Sheet (i.e. long and short term borrowing, overdrawn bank balances and long term liabilities). Balances and Reserves: Accumulated sums that are maintained either earmarked for specific future costs or commitments or generally held to meet unforeseen or emergency expenditure. Bail - in Risk: Following the financial crisis of 2008 when governments in various jurisdictions injected billions of dollars into banks as part of bail-out packages, it was recognised that bondholders, who largely remained untouched through this period, should share the burden in future by making them forfeit part of their investment to "bail in" a bank before taxpayers are called upon. A bail-in takes place before a bankruptcy and under current proposals, regulators would have the power to impose losses on bondholders while leaving untouched other creditors of similar stature, such as derivatives counterparties.
    [Show full text]
  • Assessment of Compliance with the Code of Practice for Official Statistics
    Assessment of compliance with the Code of Practice for Official Statistics Statistics on the Public Sector Finances (produced by the Office for National Statistics and HM Treasury) Assessment Report 316 October 2015 © Crown Copyright 2015 The text in this document may be reproduced free of charge in any format or medium providing it is reproduced accurately and not used in a misleading context. The material must be acknowledged as Crown copyright and the title of the document specified. Where we have identified any third party copyright material you will need to obtain permission from the copyright holders concerned. For any other use of this material please write to Office of Public Sector Information, Information Policy Team, Kew, Richmond, Surrey TW9 4DU or email: [email protected] About the UK Statistics Authority The UK Statistics Authority is an independent body operating at arm’s length from government as a non-ministerial department, directly accountable to Parliament. It was established on 1 April 2008 by the Statistics and Registration Service Act 2007. The Authority’s overall objective is to promote and safeguard the production and publication of official statistics that serve the public good. It is also required to promote and safeguard the quality and comprehensiveness of official statistics, and good practice in relation to official statistics. The Statistics Authority has two main functions: 1. oversight of the Office for National Statistics (ONS) – the executive office of the Authority; 2. independent scrutiny (monitoring
    [Show full text]
  • Euro Medium Term Note Prospectus
    20MAY201112144662 London Stock Exchange Group plc (Registered number 5369106, incorporated with limited liability under the laws of England and Wales) £1,000,000,000 Euro Medium Term Note Programme Under this £1,000,000,000 Euro Medium Term Note Programme (the Programme) London Stock Exchange Group plc (the Issuer) may from time to time issue notes (the Notes) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined on page 1). An investment in Notes issued under the Programme involves certain risks. For a description of these risks, see ‘‘Risk Factors’’ below. Application has been made to the Financial Services Authority (the UK Listing Authority) in its capacity as competent authority under the Financial Services and Markets Act 2000, as amended (the FSMA) for Notes issued during the period of 12 months from the date of this Offering Circular to be admitted to the official list of the UK Listing Authority (the Official List) and to the London Stock Exchange plc (the London Stock Exchange) for such Notes to be admitted to trading on the London Stock Exchange’s regulated market. References in this Offering Circular to Notes being ‘‘listed’’ (and all related references) shall either mean that such Notes have been admitted to trading on the London Stock Exchange’s regulated market and have been admitted to the Official List or shall be construed in a similar manner in respect of any other EEA State Stock Exchange, as applicable. The expression ‘‘EEA State’’ when used in this Offering Circular has the meaning given to such term in the FSMA (as defined above).
    [Show full text]
  • Asset Protection Scheme Shareholder Circular
    THIS DOCUMENT AND ANY ACCOMPANYING DOCUMENTS ARE IMPORTANT AND REQUIRE YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you are recommended to seek immediately your own personal financial advice from your stockbroker, bank manager, solicitor, accountant, fund manager or other appropriate independent financial adviser, who is authorised under the Financial Services and Markets Act 2000 (the ‘‘FSMA’’) if you are in the United Kingdom or, if not, from another appropriately authorised independent financial adviser. If you sell or have sold or otherwise transferred all of your Ordinary Shares please send this document, together with any accompanying form of proxy, as soon as possible, to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for delivery to the purchaser or transferee. If you have sold or transferred, or otherwise disposed of, only part of your holding of Ordinary Shares you should retain this circular and accompanying form of proxy and consult the stockbroker, bank or other agent through whom you made the sale, transfer or disposal. 29APR200818121267 The Royal Bank of Scotland Group plc (incorporated under the Companies Acts 1948 to 1967 and registered with Registered No. SC045551) Proposed accession to the Asset Protection Scheme and B Share and Dividend Access Share issues Circular and Notice of General Meeting Your attention is drawn to the letter from your Chairman which is set out in Part I of this document and which recommends you vote in favour of the Resolutions to be proposed at the General Meeting referred to below.
    [Show full text]
  • Debt Management Report 2020-21
    Debt management report 2020-21 March 2020 Debt management report 2020-21 March 2020 © Crown copyright 2020 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open- government-licence/version/3. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at: www.gov.uk/official-documents. Any enquiries regarding this publication should be sent to us at [email protected] ISBN 978-1-913635-16-9 PU2956 Contents Chapter 1 Introduction 2 Chapter 2 Debt management policy 3 Chapter 3 The Debt Management Office's financing remit for 10 2020-21 Annex A Debt portfolio 16 Annex B Context for decisions on the Debt Management Office's 24 financing remit Annex C NS&I's financing remit for 2020-21 32 Annex D The Exchequer cash management remit for 2020-21 34 1 Chapter 1 Introduction 1.1 The ‘Debt management report’ is published in accordance with the ‘Charter for Budget Responsibility’.1 The Charter requires the Treasury to “report through a debt management report – published annually – on its plans for borrowing for each financial year” and to set remits for its agents. The Charter requires the report to include: • the overall size of the debt financing programme for each financial year • the planned maturity structure of gilt issuance and the proportion of index-linked and conventional gilt issuance • a target for net financing through NS&I 1.2 The UK Debt Management Office (DMO) publishes detailed information on developments in debt management and the gilt market over the previous year in its ‘Annual Review’.2 1.3 Chapters 2 and 3 along with Annexes A and B contain information on the government’s wholesale debt management activities.
    [Show full text]
  • Managing Much Elevated Public Debt Managing Much-Elevated Public Debt 225
    lnstitute for Fiscal Studies IFS Green Budget 2020: Chapter 5 Carl Emmerson David Miles Isabel Stockton Managing much elevated public debt Managing much-elevated public debt 225 5. Managing much- elevated public debt Carl Emmerson (IFS), David Miles (Imperial College London) and Isabel Stockton (IFS) Key findings 1 The COVID-19 crisis has pushed up government borrowing substantially, meaning that the Debt Management Office (DMO) will need to sell a much larger value of gilts than normal. Our central scenario is for over £1.5 trillion to be raised through gilt issuance over the next five years, double the £760 billion forecast in the March 2020 Budget. There is considerable uncertainty around this amount. 2 The characteristics of the gilts that the DMO issues will have implications for the public finances in the longer term. The enormous value of debt being issued means that the costs of financing it just slightly wrong will be large. 3 Short- and long-maturity gilt yields have fallen even further from the already low rates seen prior to the pandemic. A similar phenomenon can be seen in the Eurozone and the US, where – as in the UK – yields are now much closer to the very low rates that have become typical for Japan. 4 The expansion of the Bank of England’s programme of quantitative easing means it bought £236 billion of gilts between March and September 2020, almost exactly the same as the £227 billion of gilts issued by the DMO over the same period. As a result, private borrowing has not been crowded out by The Institute for Fiscal Studies, October 2020 226 The IFS Green Budget: October 2020 government borrowing.
    [Show full text]
  • Final Findings of the EDP Dialogue Visit to the UK
    Ref. Ares(2018)3150019 - 14/06/2018 EUROPEAN COMMISSION EUROSTAT Directorate D: Government Finance Statistics (GFS) and quality Unit D-3: Excessive deficit procedure (EDP) 2 Luxembourg, 14 June 2018 FINAL FINDINGS EDP dialogue visit to the United Kingdom 16 - 17 May 2017 Commission européenne, 2920 Luxembourg, LUXEMBOURG - Tel. +352 4301-1 http://epp.eurostat.ec.europa.eu Executive summary Eurostat undertook a standard EDP dialogue visit to the United Kingdom on 16-17 May 2017. The purpose of the visit was to review the quality framework, audit and internal control arrangements in place, to review data sources for the EDP data compilation as well as to review methodological issues and the sector classification of units and PPP arrangements in place. Eurostat welcomed the independent nature of the classification work done by the Economic Statistics Classification Committee. The quality management framework currently in place was reviewed in detail. There is a fully aligned UK version of the ESS Code of Practice and in addition the ONS has its own Quality Management Strategy, with a specific version for National Accounts on top of that. Moreover, data sources were discussed focussing in particular on the Central government database (OSCAR), and on the quality assessment of accrued income tax recording. The progress made by the UK authorities on the open action points from the EDP visit of April 2015 were also discussed and a few remaining issues from the April 2017 EDP notification were clarified and will be subject to further analysis to be provided by the ONS and official replies to be provided by Eurostat.
    [Show full text]
  • Proceedings of the Second Inter-Regional Debt Management Conference
    UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT PROCEEDINGS OF THE SECOND INTER-REGIONAL DEBT MANAGEMENT CONFERENCE Geneva, 3–5 April 2000 UNITED NATIONS NEW YORK AND GENEVA, 2001 NOTE The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area, or of its authorities concerning the delimitation of its frontiers or boundaries. Further, the views expressed by the authors of the papers included in this publication do not represent the views of the Secretariat of the United Nations with regard to individual governments’ policies, or positions on financial policy issues that form the subject of the discussions below. UNCTAD/GDS/DMFAS/Misc.23 NOTE The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area, or of its authorities concerning the delimitation of its frontiers or boundaries. Further, the views expressed by the authors of the papers included in this publication do not represent the views of the Secretariat of the United Nations with regard to individual governments’ policies, or positions on financial policy issues that form the subject of the discussions below. UNCTAD/GDS/DMFAS/Misc.23 Executive summary This document is a compilation of presentations made by debt management experts and professionals during UNCTAD’s Second Inter-regional Debt Management Conference held in Geneva in April 2000.
    [Show full text]
  • UK Debt Capital Market Forum
    UK Debt Capital Market Forum 1st March 2019 Join the discussion at slido.com #DebtForum Key Highlights from 2018 Bond listings surpassed 1,000 transactions for the first time since 2012 Innovation & Efficiency New bond issuances on - New rules tailored for insurance linked LSE in 2018, the second securities highest in Europe, - Integrate value-add products in Issuer 1,068 raising an equivalent of Services, including new emerging $452 billion. technologies - SONIA linked securities Key wins Switches Commitment 20 to the Future Key bond wins for LSE in 2018 The number of high profile include IDB’s largest ever bond corporates and sovereigns that (USD4bn), IFC’s debut green have added a London listing or - Issuer Services for Debt Sterling bond (GBP350m), Kingdom of Saudi moved their listing to London in Issuers - Product Innovation, Arabia’s debut sovereign issuance on LSE (USD the past 18 months citing: 2bn), Lloyds 1st SONIA linked bond (GBP750m), including leading on rules for ICBC’s largest green bond on LSE (USD500m), - Increased global investor new products Wijaya Karya debut Komodo bond (IDR5.4bn), base - Efficient review process st and CCB’s 1 sustainability bond on ISM - Higher visibility and timelines for admission (USD1bn) - Added value services Source: Dealogic, LSE, January 2019 2 Business Overview Overview for 2019 Developing DCM at LSE Dr Darko Hajdukovic Head of Fixed Income, Funds & Analytics Join the discussion at slido.com #DebtForum Global Funding Trends in Debt Capital Markets (1/2) Aggregate global bond volumes and deal count Aggregate global bond volumes (USD terms) – regional breakdown 14 45k 100% 40k 90% 12 35k 80% 10 RoW 30k 70% Australasia 8 25k 60% Volume ($ trillion) ($ Volume No.
    [Show full text]
  • Ministerial Departments CABINET OFFICE July 2010
    LIST OF MINISTERIAL RESPONSIBILITIES Including Executive Agencies and Non- Ministerial Departments CABINET OFFICE July 2010 LIST OF MINISTERIAL RESPONSIBILITIES INCLUDING EXECUTIVE AGENCIES AND NON MINISTERIAL DEPARTMENTS CONTENTS Page Part I List of Cabinet Ministers 2 Part II Alphabetical List of Ministers 4 Part III Ministerial Departments and Responsibilities 8 Part IV Executive Agencies 62 Part V Government Offices for the Regions 82 Part VI Non-Ministerial Departments 85 Part VII Government Whips in the House of Commons and House of Lords 93 Part VIII Government Spokespersons in the House of Lords 94 Part IX Index 96 Information contained in this document can also be found at: http://www.cabinetoffice.gov.uk/government-business.aspx Further copies of this document can be obtained from: Cabinet Office Room 118 70 Whitehall London SW1A 2AS Or send your request via email to: Propriety&[email protected] 1 I - LIST OF CABINET MINISTERS The Rt Hon David Cameron MP Prime Minister, First Lord of the Treasury and Minister for the Civil Service The Rt Hon Nick Clegg MP Deputy Prime Minister, Lord President of the Council (with special responsibility for political and constitutional reform) The Rt Hon William Hague MP First Secretary of State, Secretary of State for Foreign and Commonwealth Affairs The Rt Hon George Osborne MP Chancellor of the Exchequer The Rt Hon Kenneth Clarke QC MP Lord Chancellor, Secretary of State for Justice The Rt Hon Theresa May MP Secretary of State for the Home Department and Minister for Women
    [Show full text]
  • Royal Bank of Scotland: Details of Asset Protection Scheme and Launch of the Asset Protection Agency
    Royal Bank of Scotland: details of Asset Protection Scheme and launch of the Asset Protection Agency December 2009 Royal Bank of Scotland: details of Asset Protection Scheme and launch of Asset Protection Agency December 2009 Official versions of this document are printed on 100% recycled paper. When you have finished with it please recycle it again. If using an electronic version of the document, please consider the environment and only print the pages which you need and recycle them when you have finished. © Crown copyright 2009 The text in this document (excluding the Royal Coat of Arms and departmental logos) may be reproduced free of charge in any format or medium providing that it is reproduced accurately and not used in a misleading context. The material must be acknowledged as Crown copyright and the title of the document specified. Where we have identified any third party copyright material you will need to obtain permission from the copyright holders concerned. For any other use of this material please write to Office of Public Sector Information, Information Policy Team, Kew, Richmond, Surrey TW9 4DU or e-mail: [email protected] ISBN 978-1-84532-664-7 PU896 Contents Page Executive summary 3 Chapter 1 Introduction 7 Chapter 2 Financial Stability Agreements finalised 11 Chapter 3 Agreement with Royal Bank of Scotland 15 Chapter 4 Asset Protect Scheme design 21 Chapter 5 Asset Protection Agency 25 Annex A APS Assets 27 Annex B APS design 59 Annex C Asset Protection Agency framework document 85 Royal Bank of Scotland: details of Asset Protection Scheme and launch of the Asset Protection Agency 1 Executive summary The Government is today publishing details of the Asset Protection Scheme (APS) agreements that it has entered into with The Royal Bank of Scotland (RBS) together with information on the assets that are being covered by the APS.
    [Show full text]