(13 years, 4 months ago)
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The Financial Secretary to the Treasury (Mr Mark Hoban)
The interim report for the Asset Protection Agency (APA) has today been deposited in the Libraries of both Houses.
The report contains commentary on key developments in relation to the APA and the Asset Protection Scheme (APS) over the period from 1 July 2010 to 31 December 2010.
I am pleased to note the statements in the report that the likelihood of the Royal Bank of Scotland (RBS) being able to make a claim under the APS has receded slightly.
I have also placed in the Libraries a number of legal documents relating to the APS which RBS and HM Treasury have executed since RBS’s accession to the scheme in December 2009. These reflect changes to the implied write down trigger for long-dated assets, revised arrangements for the assessment of APS performance-related remuneration for relevant RBS staff, a move from annual to quarterly fee payments and a number of operational matters.