Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 1 March 2021 to Question 156398 on Freezing of Assets: Libya, how the Libyan frozen assets described in that Answer are divided up into shares, bonds, property, cash, gold and other asset classes; and if he will list the top 10 institutions which manage those funds.

Each year OFSI carries out a review of frozen assets held by UK institutions. Anyone who holds frozen assets (including funds and economic resources) is required to report them to OFSI.

Economic resources means assets of every kind, whether tangible or intangible, movable or immovable (such as goods, property or rights) which are not funds themselves but which can be used to obtain funds, goods or services. Funds means financial assets and benefits of every kind, including but not limited to:

• cash, cheques, claims on money, drafts, money orders and other payment instruments

• deposits with financial institutions or other entities, balances on accounts, debts and debt obligations

• loans and mortgages

• publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivatives contracts

• interest, dividends or other income on or value accruing from or generated by assets

• credit, right of set-off, guarantees, performance bonds or other financial commitments

• letters of credit, bills of lading, bills of sale

• documents evidencing an interest in funds or financial resources

• any other instrument of export-financing

The aggregate figure of funds frozen under the Libya regime as at September 2019 was approximately £11.809 billion. However, the Treasury does not break down the return data by category and institution in the manner requested.