Examination of Witnesses (Questions 112-119)|
6 JUNE 2007
Q112 Chairman: Welcome to our follow-up
inquiry into financial inclusion. Can you introduce yourselves,
please, for the shorthand writer, starting with yourself, Mr Stewart?
Mr Stewart: Martin
Stewart, I am the Group Finance Director of Park Group, plc.
Mr Houghton: Chris Houghton, Group
Managing Director of Park Group, plc.
Mr Woods: Gary Woods. I am an
Executive Director of Park Group plc and Managing Director of
Q113 Chairman: We have three separate
sessions this afternoon and we have you in for half an hour, so
questions will be sharp and we will look for sharp answers from
yourselves, so that if one person answers a question and then
we move on. Can I start with looking at the issue of implementing
Trust Accounts, your lawyers, the DTI and others have been involved
since last November in negotiating this. What is the state of
negotiations now in implementing these Trust Accounts?
Mr Stewart: We have reached agreement
with the DTI.
Q114 Chairman: When did you reach
Mr Stewart: On Monday this week
Q115 Chairman: Good, just before
the Committee; that is good!
Mr Stewart: --- as to the heads
of terms of the Trust that will form the basis of the Trust Accounts
that we will set up in the future. We have instructed our lawyers
to start to draw up the Trust Deed itself and we anticipate that
will take probably a couple of weeks to complete and we anticipate
the whole process ready for Trust Accounts being set up.
Q116 Chairman: Are there any outstanding
issues at the moment then?
Mr Stewart: Not that we are aware
of, no; it is really just down to the lawyers to complete the
preparation of the documents.
Q117 Chairman: Therefore that is
a copper bottomed guarantee that people's capital will be ring-fenced?
Mr Stewart: Yes, we believe so,
Q118 Chairman: Pardon?
Mr Stewart: Yes, we believe so.
Q119 Chairman: You believe? Okay.
When I read legal documents the believing and seeing are two different
Mr Stewart: No, it will be so,