Select Committee on Treasury Minutes of Evidence


Examination of Witnesses (Questions 38 - 39)

TUESDAY 15 MAY 2007

MS SUSAN HITCH, MR PIERS LE MARCHANT, MR MARTIN THOMAS AND MS PATRICIA LANKASTER

  Q38  Chairman: Good morning and welcome to this evidence session. Could you identify yourselves for the record, please?

  Ms Hitch: I am Susan Hitch; I am the Chair of Balance for just another couple of weeks.

  Ms Lankaster: Patricia Lankaster.

  Mr Marchant: Piers Le Marchant.

  Mr Thomas: Martin Thomas.

  Q39  Chairman: We have 30 minutes here and we are delighted you have come along to give us evidence. Could you summarise for us the work in which the Balance Foundation has been involved and where the idea came from?

  Ms Hitch: Balance is a charity which has existed to set up and test a particular mechanism for the release of unclaimed assets. We have done it, we have released a whole lot, we have set up the mechanism and we are now promulgating it. It came from an idea which Piers, who works for Lehman Brothers, had, together with Martin Thomas when he was working for the Bank of England, so I am going to ask them to explain it.

  Mr Marchant: The background for the idea came from my role at Lehman Brothers, where I am European Legal Director and Managing Director. As part of that role I was regularly contacted at the end of each year and requested by the finance department as to whether we could take some of the unclaimed monies into the balance sheet and therefore the profit and loss account.


 
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