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To ask Her Majesty's Government for each department, in January to June 2009 (a) on how many occasions the scrutiny reserve resolution in the House of Lords was overridden, (b) on how
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The Minister of State, Foreign and Commonwealth Office (Baroness Kinnock of Holyhead): The latest report shows there were a total of 14 instruments which Ministers supported in the Council before one or both of our Parliamentary EU Committees had completed their scrutiny. Of these 14, all were overrides while still under scrutiny in the Lords, but in the Commons six of them had cleared the scrutiny process so only eight instruments are recorded as overridden for the Commons.
Extremist Organisations
Question
Asked by Baroness Neville-Jones
To ask Her Majesty's Government how many people have been (a) deported from the United Kingdom for "fomenting extremism", and (b) barred from coming to the United Kingdom on that ground, in each year since 2005. [HL690]
The Parliamentary Under-Secretary of State, Home Office (Lord West of Spithead): I have taken the term "fomenting extremism" as equating to unacceptable behaviour under the policy announced by my right honourable friend the then Home Secretary on 24 August 2005. The powers to exclude or deport an individual on the grounds of their unacceptable behaviour are directed at foreign nationals who foment hatred or violence in support of their extremist beliefs. I can confirm that during the period in question, 106 individuals were excluded and one individual was deported on these grounds and a yearly breakdown is provided below.
These figures do not constitute part of National Statistics as they are based on internal management information. The information has not been quality assured under National Statistics protocols, should be treated as provisional and are subject to change.
Finance: Trading of Derivatives
Questions
To ask Her Majesty's Government whether they have estimated the percentage of derivative traders in London who deal in (a) the hedging of risks generated by non-financial transactions, (b) the hedging of risks generated by financial transactions, and (c) speculation. [HL714]
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The Financial Services Secretary to the Treasury (Lord Myners): In the UK, the overall aim in regulating derivative markets is to ensure a high degree of investor protection, that markets are fair and orderly, and that market abuse is prevented as far as possible and, where it occurs, is detected and dealt with appropriately. This is consistent for all users of the market.
In order to discharge the responsibility to deter and detect market abuse, the FSA and UK derivative exchanges focus on all large positions in commodity derivative markets, irrespective of whether they are held by financial or commercial participants, on an ongoing and real-time basis. Neither the FSA nor UK exchanges currently collect or make available aggregated position information by participant type.
To ask Her Majesty's Government what is their estimate of the current value of the financial derivatives market in London on the basis of (a) notional principal, and (b) the amount at risk in the event of a major financial crisis. [HL715]
Lord Myners: The Bank for International Settlements (BIS) provides an estimate for the size of the London and global derivatives markets. As at 2007, BIS estimates that London had 43 per cent of the global OTC derivatives market (compared to New York at 24 per cent) based on an overall size of c. $415 trillion. Whilst this is a high notional figure, it simply represents the value of the assets on which the contracts are based. The risk exposure, represented by actual cash flows, is considerably smaller.
Compression of trades has addressed much of this risk. The UK supports ongoing international efforts to further strengthen market infrastructures such as the establishment of trade repositories and encouraging greater use of central counterparties. These measures will help to monitor and measure systemic risk.
On 16 December, Government will publish a package of policy proposals, designed to mitigate the impact of a future investment bank failure. The document, entitled Establishing resolution arrangements for investment banks, sets out more than 30 proposals to ensure an investment firm can be wound down effectively, with limited impacts on clients and counterparties of the failed firm, and on financial markets. These proposals form part of Government's broader agenda of work to reduce the likelihood, and impact, of failure in systemic financial firms.
To ask Her Majesty's Government what is their estimate of the net earnings of the London financial community from trading in financial derivatives; where the corresponding loss from London's earnings on derivatives is borne; and what are the tax revenues from those earnings. [HL716]
Lord Myners: HMRC's systems do not allow tax receipts from derivatives to be identified separately from other sources of profit. Consequently, these systems do not provide a breakdown of the net earnings derived from trading in financial derivatives. However,
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Financial Services Authority
Question
To ask Her Majesty's Government how many people are employed by the Financial Services Authority to investigate the risk management of banks; and, of those, how many have qualifications in risk management. [HL712]
To ask Her Majesty's Government whether the Financial Services Authority, in assessing the risk factors applying to each bank, (a) examines the trading strategy of each individual trader, (b) examines the mathematical models used by the bank, (c) reviews the mathematical models used, (d) compares the mathematical models used by different banks, and (e) quantifies the systemic risk arising from the use of trading strategies and mathematical models with common characteristics. [HL713]
The Financial Services Secretary to the Treasury (Lord Myners): The issues raised in these questions are operational matters for the Financial Services Authority, whose day-to-day operations are independent from Government. I have asked the FSA to write directly to the noble Lord on these matters.
Flood and Water Management Bill
Question
Asked by Lord Taylor of Holbeach
To ask Her Majesty's Government on what data they based their cost comparisons regarding the Flood and Water Management Bill. [HL751]
The Parliamentary Under-Secretary of State, Department for Environment, Food and Rural Affairs (Lord Davies of Oldham): The information on the sources of data used in determining costs in the flow bills are provided within the individual impact assessments (IA), available on the Defra website at www.defra.gov.uk/environment/flooding/policy/fwmb/key-docs.htm.
The table below provides a list of the key data sources used in determining the costs for each IA, and the location of the source within the relevant IA.
Gaza
Questions
To ask Her Majesty's Government what progress has been made into the investigation of alleged war crimes during Operation Cast Lead, as called for by the Report of the United Nations Fact Finding Mission on the Gaza Conflict. [HL817]
The Minister of State, Foreign and Commonwealth Office (Baroness Kinnock of Holyhead): We understand from the Israeli authorities that investigations are under way or completed into 140 separate incidents, including all 34 incidents highlighted by the UN Fact Finding Mission on Gaza report. We await the publication of the conclusions of these investigations.
The Palestinian Authority has formed a high-level committee, drawing on expertise from the Independent Commission for Human Rights (a respected regional organisation). This committee will only be investigating allegations made by the UN Fact Finding Mission on Gaza report directed at the Palestinian Authority in the West Bank.
Media reports indicate that Hamas has also announced its own investigation.
We are clear that any allegations of breaches of international humanitarian law that may have occurred during the Gaza conflict should be addressed through full, credible and independent investigations.
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To ask Her Majesty's Government what reports they have received from the Middle East concerning helicopter gunship incursions over Gaza since the end of Operation Cast Lead. [HL820]
Baroness Kinnock of Holyhead: We have not received specific reports detailing Israeli helicopter movements over Gaza. However, according to the UN, the Israeli Defence Forces have carried out a range of military operations throughout 2009, including air strikes. The targets were mainly tunnels under the border with Egypt.
The UK recognises Israel's right to defend itself but calls upon the Israeli Government to act with restraint and in accordance with international law.
Gilt-edged Securities
Question
To ask Her Majesty's Government what was the value of gilt-edged securities issued by them in each of the past six months; and what was the value of such securities purchased by the Bank of England in each of the past six months. [HL30]
The Financial Services Secretary to the Treasury (Lord Myners): The table below sets out (cash) sales of gilts by the Debt Management Office and (cash, reported on a trade date basis) purchases of gilts by the Bank of England via the Asset Purchase Facility in each of the last six months.
| May | June | July | August | September | October | |
Gold and Cassiterite
Question
Asked by Lord Alton of Liverpool
To ask Her Majesty's Government what representations they have made to the Governments of Uganda, Burundi and the United Arab Emirates
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The Minister of State, Foreign and Commonwealth Office (Baroness Kinnock of Holyhead): We have encouraged the Government of Burundi to exert tighter controls over their borders to prevent the illegal trade of natural resources by those companies identified by the Group of Experts' report.
We have not made any representations to the Governments of Uganda or the United Arab Emirates in the past 18 months on the local gold and cassiterite trading networks.
In the Great Lakes region, the UK has been working with the respective revenue and trade authorities and regional economic entities. Through governance reform programmes and initiatives to support greater regional economic integration, we aim to make trade-including of minerals like gold and cassiterite-more accountable and formalised, in order to reduce smuggling and illegal trade. We believe that this support and dialogue is having a beneficial impact, although we recognise that it will take some time before trade in the region becomes fully regulated.
Government Debt
Question
To ask Her Majesty's Government how much government debt is due for repayment in each of the next 24 months; and what is the date and rate of interest at which each such debt was issued. [HL294]
The Financial Services Secretary to the Treasury (Lord Myners): The tables below show the government marketable securities that are maturing in the next 24 months. The dates that the instrument was issued and the yield at the average accepted price for each operation is also given. Table 1 shows redemptions of gilts in the next 24 months and table 2 shows redemptions of Treasury bills as they currently stand.
The maturity profile for NS&I's products by month of repayment in each of the next 24 months is not publicly available. A general maturity profile for NS&I's products is available in NS&I's Annual Report and Accounts 2008-09, page 101. (www.nsandi.com/about/annualreport-latest.jsp).
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