Asset Protection Agency (Interim Report)

(Limited Text - Ministerial Extracts only)

Tuesday 28th February 2012 Written Statements

[The Financial Secretary to the Treasury (Mr Mark Hoban)]

The interim report for the Asset Protection Agency (APA) has today been made electronically available 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 31 March 2011 to 31 December 2011.

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 reduced significantly and that the British taxpayer is expected to make an overall profit of at least £5 billion from the APS.