Written Statements
(5 years, 1 month ago)
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ENABLE Funding Scheme
(5 years, 1 month ago)
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The Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy (Kelly Tolhurst)
ENABLE Funding is a scheme administered by the British Business Bank which provides senior funding (effectively at commercial terms) to delivery partners and is designed to increase funding diversification for leasing and asset finance providers and peer-to-peer lenders, with the overall purpose of increasing the supply of debt to underlying small and medium-sized enterprises.
Since the scheme began in 2014, senior secured funding has been provided to various delivery partners and their receivable portfolios have been ‘warehoused’ in a special purpose entity. The aggregate sum of certain receivable portfolios reached a desired critical mass whereby a capital markets refinancing (or securitisation) can proceed, repaying the funding. The transaction is expected to complete before the end of the financial year 2019-20.
As part of the transaction, a credit enhancement in the form of a capped second loss guarantee will be agreed. The guarantee issued by the Department is capped at £66 million and the ‘second loss’ element means that the participating delivery partners will fund and suffer an agreed amount up to the first loss threshold should defaults in the portfolio occur.
The guarantee is not expected to last for more than seven years and in practice will likely be much shorter. The beneficiary is the securitisation vehicle (a newly incorporated entity) which will purchase the facilities as part of the transaction. The Department will receive a commercial fee in return for the guarantee.
As a matter of record, I will be laying a departmental minute today explaining the procedure followed and containing a description of the liability undertaken.
[HCWS29]
ECOFIN
(5 years, 1 month ago)
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The Chancellor of the Exchequer (Sajid Javid)
A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Luxembourg on 10 October 2019. The UK was represented by Mark Bowman (director general, International Finance, HM Treasury). The Council discussed the following:
Budgetary instrument for convergence and competitiveness for the euro area
The European Commission presented the governance framework on the budgetary instrument for convergence and competitiveness for the euro area.
Current financial services legislative proposals
The Finnish presidency provided an update on current legislative proposals in the field of financial services.
European Court of Auditors’ annual report
The President of the Court of Auditors presented the auditors’ report on the implementation of the budget of the European Union for the 2018 financial year.
The European financial architecture for development
The chair of the high-level group of wise persons on the European financial architecture for development presented the main findings of their report to the Council. This was followed by an exchange of views.
Implementation of the anti-money laundering (AML) action plan
The Council held an exchange of views on the progress made in implementing the AML action plan to consider the future strategic priorities in this area.
Anti-money laundering directive: policy towards “high-risk third countries”
The Council held an exchange of views on the policy towards AML-related “high-risk third countries”.
European semester 2019 - lessons learnt
The Council held an exchange of views on lessons learnt from the European semester 2019.
Preparation of the G20 meeting of Finance Ministers and central bank governors and of the IMF annual meetings
The Council approved the EU’s G20 terms of reference and international monetary and financial committee statement, ahead of the annual meetings in Washington DC.
Coalition of Finance Ministers for climate action
The Finnish presidency presented the state of play of the coalition of Finance Ministers for climate action.
Appointment of a member of the executive board of the European Central Bank
The Council adopted a recommendation to the European Council on the appointment of a new member of the executive board of the European Central Bank.
Capital markets union
The Commission informed the Council on its plans on the capital markets union and the presidency outlined the next steps.
Status of the implementation of financial services legislation
The Council took stock of the status of the implementation of financial services legislation.
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Manchester Arena Attack
(5 years, 1 month ago)
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The Secretary of State for the Home Department (Priti Patel)
I am announcing today the establishment by the Home Office of an inquiry, under the Inquiries Act 2005, to investigate the deaths of John Atkinson, Courtney Boyle, Kelly Brewster, Georgina Callander, Olivia Campbell-Hardy, Liam Curry, Wendy Fawell, Martyn Hett, Alison Howe, Megan Hurley, Nell Jones, Michelle Kiss, Angelika Klis, Marcin Klis, Sorrell Leczkowski, Lisa Lees, Eilidh MacLeod, Elaine McIver, Saffie-Rose Roussos, Chloe Rutherford, Philip Tron and Jane Carolyn Tweddle in the horrific attack at Manchester Arena on 22 May 2017.
The inquiry will be chaired by the honourable Sir John Saunders.
Sir John Saunders is a retired High Court judge who was nominated by the Lord Chief Justice to lead the investigation and inquest into the deaths at Manchester Arena. In accordance with section 3(1) of the Act, this inquiry will be undertaken by Sir John alone as Chair.
I am establishing an inquiry after careful consideration of advice from Sir John that this is necessary to permit all relevant evidence to be heard. This is an important step in ensuring that the families of those who lost their lives in this terrible attack get the answers that they need.
The inquiry will have the same scope as the current inquest, which will be adjourned after the establishment of the inquiry.
I will place a copy of the terms of reference for the inquiry in the Libraries of both Houses.
The inquiry’s investigations will now be a matter for the chair. As the sponsoring Department the Home Office will provide support and ensure that the inquiry has the resources that it needs.
[HCWS28]
International Labour Organisation Recommendation 205
(5 years, 1 month ago)
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The Parliamentary Under-Secretary of State for Work and Pensions (Mims Davies)
The 106th session of the International Labour Conference 2017 adopted recommendation 205 concerning employment and decent work for peace and resilience. International Labour Organisation (ILO) recommendations, adopted following negotiation among ILO member state Governments and business and union representatives, serve as non-binding guidelines. The Government welcome this recommendation and recognise its importance in its global context. It acts as a guide for world of work-related measures to prevent and respond to the effects of crises on economies and societies. The recommendation focuses on recovery and reconstruction in post-conflict and disaster situations. This recommendation will not have any impact on the UK as it is consistent with UK Government policies.
The constitution of the International Labour Organisation requires that the Government bring the recommendation before Parliament. I will place an explanatory memorandum and the text of the recommendation in the Libraries of both Houses later today.
[HCWS27]