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Hugh Robertson: To ask the Chancellor of the Exchequer what action in relation to the activities of Kaupthing Singer and Friedlander Limited the UK authorities took prior to the collapse of the company. 
As Kaupthings position deteriorated the tripartite authorities worked intensively to find solutions to the firms problems. On 8 October the FSA decided that Kaupthing Singer and Friedlander Ltd. no longer met the FSAs threshold conditions and the firm went into administration.
Mr. Austin Mitchell: To ask the Chancellor of the Exchequer if he will bring forward proposals to ensure that all foreign banks taking deposits in the UK (a) are covered by British compensation schemes and (b) contribute to the costs of those schemes. 
Ian Pearson: All UK subsidiaries of foreign banks and all UK branches of banks from countries outside the European economic area (EEA) which take deposits are already required to participate in the Financial Services Compensation Scheme (FSCS).
Mr. Austin Mitchell: To ask the Chancellor of the Exchequer (1) what discussions he has had with the Isle of Man government on compensation for depositors, bond holders and pension schemes who had money in Kaupthing Singer and Friedlander (Isle of Man); 
Ian Pearson: Arrangements relating to Kaupthing Singer and Freidlander Isle of Man (KSF IOM) area matter for the Government of the Isle of Man. KSF IOM is not a subsidiary of KSF in the UK, but of the Icelandic parent company. Oversight of KSF IOM is the responsibility of the Isle of Man's Financial Supervision Commission; and deposits with KSF IOM will be subject to the Isle of Man's Deposit Compensation Scheme.
Mr. Austin Mitchell: To ask the Chancellor of the Exchequer if he will publish the transcript of his telephone conversation with the Icelandic Finance Minister on 7 October 2008 about compensation for British depositors in Icelandic banks. 
Ian Pearson: Treasury Ministers and officials have meetings and discussions with their counterparts in other countries and with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. As was the case with previous Administrations, it is not the Government's practice to provide details of all such meetings and discussions.
Mr. Austin Mitchell: To ask the Chancellor of the Exchequer (1) what information he received about the (a) solvency and (b) liquidity of Kaupthing Singer and Friedlander Limited prior to the declaration by the Financial Services Authority (FSA) that it was in default; and what action (i) his Department and (ii) the FSA has taken against the companys assets; 
(2) under whose authority and under what powers the Financial Services Authority (FSA) declared Kaupthing Singer and Friedlander Limited to be in default of its regulatory requirements; and what action (a) his Department and (b) the FSA took as a consequence; 
Ian Pearson: The FSA intensified its supervision of deposit-taking by Icelandic banks (including through increased contact with firms, more frequent visits and enhanced reporting requirements) from the beginning of 2008. As the economic situation deteriorated during the year and particularly since September, the FSA worked increasingly with the banks concerned. As the memorandum of understanding between HM Treasury, the Bank of England and the FSA sets out, the FSA informs the Bank of England and HM Treasury of its concerns on a regular basis.
On 8 October the FSA determined that Kaupthing Singer and Friedlander Ltd. no longer met the FSAs threshold conditions and the firm went into administration. The FSCS was triggered by the FSA as it determined that KSF was unable or likely to be unable to satisfy claims against it. These decisions were taken by the FSA on its own authority under the Financial Services and Markets Act 2000 (FSMA).
On the same day, the Treasury, under the Banking (Special Provisions) Act, transferred the deposit book of Edge accounts to ING Direct. The transfer of retail deposits was funded by the FSCS and the Treasury. The remainder of KSF was placed into administration following due legal process.
Mr. Amess: To ask the Chancellor of the Exchequer what representations he has received since January 2008 on the level of (a) bank charges and (b) credit card charges; and if he will make a statement. 
Mark Pritchard: To ask the Chancellor of the Exchequer whether the minutes of board meetings of banks (a) in temporary public ownership and (b) recapitalised with public funds will be published. 
Ian Pearson: It is a matter for the management of the banks concerned to release specific business information and updates in line with their regulatory obligations and provide any required disclosures in their audited annual report and accounts.
Ian Pearson: The EU has established regulatory standards on transparency of financial reporting for companies (including bank holding companies and banks); and those companies admitted to trading on a regulated market are subject to some additional rules. The standards are set out in directives including the Transparency Directive; Prospectus Directive; Market Abuse Directive; 4(th) Company Law Directive, 7(th) Company Law Directive. These directives have been implemented in rules made under the Financial Services and Markets Act 2000, and rules made by the FSA, including the Listing Rules, the Prospectus Rules, and the Disclosure and Transparency Rules.
This directive has been implemented in the UK in regulations made under the Companies Act 2006, including the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. Schedule 2 of those regulations contains provisions relating specifically to banking companies. Parent companies of banking groups must prepare group accounts in accordance with schedule 6 to the regulations, as modified by part 2 of that Schedule.
Harry Cohen: To ask the Chancellor of the Exchequer if he will make it his policy that regulatory standards on transparency of reporting by investment banks and banking entities are no lower in the UK than in other jurisdictions. 
Ian Pearson: The EU has established regulatory standards on transparency of financial reporting for companies; and those companies admitted to trading on a regulated market are subject to some additional rules. The standards are set out in directives such as the Transparency Directive and certain Company Law Directives, and, in relation to banks Council Directive 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions. The UK fully complies with such requirements.
Harry Cohen: To ask the Chancellor of the Exchequer what recent discussions he has had with the Financial Reporting Council over reporting standards for banks; and if he will bring forward proposals to strengthen the financial reporting regime for (a) investment banks, (b) hedge funds and (c) other financial institutions. 
Ian Pearson: The Government have been, and continue to be, in close and regular discussion with other governments, international organisations and regulators to seek consistency and appropriateness of financial reporting regimes. The Government believe that global problems demand global solutions and that a UK-only approach to the setting of International Financial Reporting Standards (IFRS) would not be an appropriate course of action.
Mr. Bone: To ask the Chancellor of the Exchequer whether a formal condition for the purchase in Lloyds TSB plc, HBOS plc and RBS Group plc by the Government of £28 billion in common stock is a commitment immediately to restore and maintain the availability and active marketing of competitively priced mortgage lending, other than in the non-conforming market, over the next three years at a level at least equivalent to that of 2007. 
Adam Price: To ask the Chancellor of the Exchequer whether directors of banks participating in the recapitalisation scheme are entitled to receive bonuses in the form of shares in the present financial year. 
Ian Pearson [holding answer 21 October 2008]: As part of their investment, the Government have agreed a range of commitments with banks accessing the capitalisation scheme. The Government expect that no cash bonuses will be paid to board members in the current year.
Mr. Amess: To ask the Chancellor of the Exchequer what meetings (a) he, (b) Ministers in his Department and (c) officials in his Department have had with the British Bankers Association in each week since June 2007; what the (i) location and (ii) duration of each meeting was; whether a record of each meeting was kept; who attended each meeting; what the cost was of each meeting, broken down by (A) administrative and (B) other costs; and if he will make a statement. 
Treasury Ministers and officials meet representatives of the British Bankers Association to
discuss a wide range of issues as need arises. As was the case with previous Administrations, it is not the Governments practice to provide details of all such meetings.
Mr. Fallon: To ask the Chancellor of the Exchequer what steps he plans to take to protect the deposits of investors in the (a) Cheshire and (b) Derbyshire Building Society following the takeover by the Nationwide Building Society; whether the £50,000 guarantee for individual deposits in financial institutions will apply to deposits in the (i) Cheshire, (ii) Derbyshire and (iii) Nationwide Building Society after the takeover as it did before the takeover; and if he will make a statement. 
Ian Pearson [holding answer 30 October 2008]: On the merger of two or more building societies, the remaining society is a single authorised entity and the £50,000 compensation limit applies in relation to each individual investor for the total of their deposits in that society. This is irrespective of the number of predecessor societies in which they held accounts or of the trading names under which the accounts are subsequently held. The Financial Services Authority (FSA) is responsible for making the rules of the financial services compensation scheme (FSCS). The FSA is considering whether the compensation scheme should continue to offer compensation on a per authorised entity basis or should move to a per brand (trading name) or per account basis, and the treatment of temporary high balances (for example those arising after a building society merger). If appropriate, the FSA will consult on specific proposals in due course.
Mr. Laws: To ask the Chancellor of the Exchequer what his latest estimate is of the cost to the public purse of the Child Trust Fund Scheme in each year from 2007-08 to 2020-21; and if he will make a statement. 
Ian Pearson: Actual and forecasts of expenditure and administrative costs for the years 2007-08 to 2012-13 are published in tables 8 and 9 of the 2008 Child Trust Fund Annual Statistical Report published on 6 November 2008, available at
Mr. Maude: To ask the Chancellor of the Exchequer how many canteens his Department has; what their names are; whether they serve food made from genetically modified ingredients; and if he will place in the Library copies of the menus for each canteen from the latest week for which menus are available. 
Yvette Cooper: The COINS database holds financial information on Departments' spending plans, in-year forecasts and outturn. Each of these is reported against the budgetary, parliamentary estimates and national accounts frameworks, with outturn additionally reported against the resource accounts framework.
Mr. Jim Cunningham: To ask the Chancellor of the Exchequer what recent steps the Government has taken to reduce the possibility of circumstances similar to those which affected Equitable Life from recurring. 
Mr. Amess: To ask the Chancellor of the Exchequer what steps he is taking to make the Financial Services Authority more accessible to the general public; what recent discussions he has had with the Board of the Financial Services Authority on this issue; what recent representations he has received on this issue; and if he will make a statement. 
Ian Pearson: The Financial Services Authority (FSA) is independent from the Government although subject to the provisions of the Financial Services and Markets Act 2000. The FSA is already accessible to the general public in a number of ways. These include the FSA's consumer helpline, the FSA's consumer website (Moneymadeclear) and the FSA's annual public meeting.
Ian Pearson: I refer the hon. Member to the statement on financial markets made by my right hon. Friend the Chancellor of the Exchequer on 6 October 2008, Official Report, columns 22-23, which announced that Adair Turner, the chairman of the FSA, had been asked to make recommendations for reforms.
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