Tag: Richard Burgon

The below Parliamentary question was asked by Richard Burgon on 2016-02-19.

To ask Mr Chancellor of the Exchequer, what assessment he has made of the implications for the effectiveness of the ring-fence between retail and investment banking of the Prudential Regulation Authority’s proposal to allow ring-fenced bodies to pay dividends to other entities in the parent group.

Harriett Baldwin

The Prudential Regulation Authority’s (PRA) proposed rules allowing ring-fenced bodies to pay dividends to other entities in the parent group are entirely consistent with the ring-fencing legislation and the Independent Commission on Banking’s recommendations. The PRA has the power to prevent these payments if they deem that they would negatively impact on the viability of the ring-fenced bank.

The below Parliamentary question was asked by Richard Burgon on 2016-03-23.

To ask Mr Chancellor of the Exchequer, what criteria he plans to use to ensure sales of Government shares in Royal Bank of Scotland maximise value for the public purse.

Harriett Baldwin

The first sale of Government shares in RBS was conducted in August 2015 and raised £2.1 billion for the taxpayer. This was an important first step in returning the bank to private ownership, which is the right thing to do for the taxpayer and for British businesses: it will promote financial stability, lead to a more competitive banking sector, and support the interests of the wider economy.

The government will conduct further sales of RBS shares subject to market conditions, and in doing so will maximise value for the taxpayer. The returns on the government’s interventions in RBS will be determined by the success of the whole of the selling programme, rather than the terms achieved on the first few disposals.

The below Parliamentary question was asked by Richard Burgon on 2016-06-15.

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the (a) benefits to the economy and (b) systemic financial risks from synthetic securitisation.

Harriett Baldwin

The Government welcomed the development of international and EU standards to revitalise the regulatory framework for securitisation by encouraging the use of simpler and more transparent products. We agree with the Bank of England that a well-functioning and stable securitisation market will benefit financial stability and the wider economy. We support the Basel standards for securitisation, set with the intention of enhancing financial stability, which see features such as tranching and synthetic structures as being legitimate activity. We also support the need for all securitisations to adhere to appropriate rules on transparency and investor due diligence, and that they must be afforded sensibly calibrated capital requirements. Following the financial crisis it was Basel, working with the Financial Stability Board and the International Organization of Securities Commissions which, set the 5 percent risk retention standard.

In the development and delivery of policy, Treasury Ministers and officials are in regular contact with relevant institutions, regulatory authorities, other governments, industry and other civil society groups including think tanks such as Finance Watch.

The below Parliamentary question was asked by Richard Burgon on 2016-02-19.

To ask Mr Chancellor of the Exchequer, what meetings (a) Ministers and (b) officials of his Department have had on the implementation of the ring-fence between retail and investment banking since May 2015.

Harriett Baldwin

Since May 2015, in order to ensure the smooth implementation of ring-fencing, ministers and HMT officials have met with regulators, banks, banking organisations, trustees of bank pension funds and HMRC.

The below Parliamentary question was asked by Richard Burgon on 2016-03-23.

To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 29 February 2016 to Question 27454, on banks, what the (a) date of, (b) details of who attended and (c) organisations represented were at each meeting.

Harriett Baldwin

Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:

https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel

The below Parliamentary question was asked by Richard Burgon on 2016-06-15.

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the European Parliament Committee on Economic and Monetary Affairs’ draft report on the proposal for a regulation on securitisation and creating a European framework for simple, transparent and standardised securitisation; and whether he supports the Committee’s proposal to increase risk retention from five per cent to 20 per cent based on a vertical slice of securitised assets.

Harriett Baldwin

The Government welcomed the development of international and EU standards to revitalise the regulatory framework for securitisation by encouraging the use of simpler and more transparent products. We agree with the Bank of England that a well-functioning and stable securitisation market will benefit financial stability and the wider economy. We support the Basel standards for securitisation, set with the intention of enhancing financial stability, which see features such as tranching and synthetic structures as being legitimate activity. We also support the need for all securitisations to adhere to appropriate rules on transparency and investor due diligence, and that they must be afforded sensibly calibrated capital requirements. Following the financial crisis it was Basel, working with the Financial Stability Board and the International Organization of Securities Commissions which, set the 5 percent risk retention standard.

In the development and delivery of policy, Treasury Ministers and officials are in regular contact with relevant institutions, regulatory authorities, other governments, industry and other civil society groups including think tanks such as Finance Watch.

The below Parliamentary question was asked by Richard Burgon on 2016-02-19.

To ask Mr Chancellor of the Exchequer, what assessment he has made of the implications for financial system resilience of the Prudential Regulation Authority’s proposed rules on ringfencing; and if he will make a statement.

Harriett Baldwin

The Government is confident that the Prudential Regulation Authority’s proposed rules on ring-fencing are beneficial for financial system resilience. These are fully consistent with the Banking Reform Act (2013), and are necessary to ensure the full and timely implementation of the legislation.

The below Parliamentary question was asked by Richard Burgon on 2016-03-23.

To ask the Secretary of State for Health, what guidance his Department provides to NHS England and clinical commissioning groups on the account they should take of future residential developments with regard to GP service provision.

George Freeman

Commissioning of general practitioner (GP) services is a responsibility of NHS England and clinical commissioning groups (CCGs) with delegated authority. Currently around half of CCGs have delegated authority. As part of these arrangements, NHS England and CCGs are responsible for planning GP services to ensure they are appropriate for the local population. This should take into account a number of factors, including information about known future residential developments and implications for requirements for healthcare provision, including GP services. Based on this information, the commissioners should engage with the local planning authority to enable decisions to be made on the appropriate funding arrangements for the required health infrastructure resulting from the new development.

Departmental guidance on planning matters for National Health Service organisations is available in Part B of the Department publication Health Building Note 00-08 The efficient management of healthcare estates and facilities and Health Building Note 00-08 Addendum 2 – A guide to town planning for health organisations. These publications are available at:

https://www.gov.uk/government/publications/the-efficient-management-of-healthcare-estates-and-facilities-health-building-note-00-08

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The below Parliamentary question was asked by Richard Burgon on 2016-06-15.

To ask Mr Chancellor of the Exchequer, what correspondence his Department has had with (a) the Commissioner for Financial Stability, Financial Services and Capital Markets Union and (b) UK banks on the European Commission’s proposed regulatory framework for simple, transparent and standardised securitisation; and if he will place a copy of that correspondence in the Library.

Harriett Baldwin

The Government welcomed the development of international and EU standards to revitalise the regulatory framework for securitisation by encouraging the use of simpler and more transparent products. We agree with the Bank of England that a well-functioning and stable securitisation market will benefit financial stability and the wider economy. We support the Basel standards for securitisation, set with the intention of enhancing financial stability, which see features such as tranching and synthetic structures as being legitimate activity. We also support the need for all securitisations to adhere to appropriate rules on transparency and investor due diligence, and that they must be afforded sensibly calibrated capital requirements. Following the financial crisis it was Basel, working with the Financial Stability Board and the International Organization of Securities Commissions which, set the 5 percent risk retention standard.

In the development and delivery of policy, Treasury Ministers and officials are in regular contact with relevant institutions, regulatory authorities, other governments, industry and other civil society groups including think tanks such as Finance Watch.

The below Parliamentary question was asked by Richard Burgon on 2016-02-19.

To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the likely effectiveness of the ring-fence between retail and investment banking in reducing the interconnectedness of the UK financial system; and if he will make a statement.

Harriett Baldwin

Ring-fencing will introduce a high degree of operational and economic independence between core retail banks and broader financial markets. The Independent Commission on Banking in 2011 recommended the ring-fencing of retail from investment banking to promote financial system resilience, and the Government agreed with this recommendation.