All 19 results for ring fencing speaker:Harriett Baldwin

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Written Answers — HM Treasury: Banks: Regulation (7 Jun 2016)

Harriett Baldwin: Since 2010 the government has: legislated for the ring-fencing of large banks’ retail arms from their investment banking arms; ensured that the senior managers of banks are held accountable for their decisions; and put the Bank of England back in charge of bank prudential regulation. The IMF noted in its recent Article IV concluding statement that “owing to a large extent to a wave of...

Written Answers — HM Treasury: Banks (29 Feb 2016)

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.

Written Answers — HM Treasury: Banks (29 Feb 2016)

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.

Written Answers — HM Treasury: Financial Services (29 Feb 2016)

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.

Written Answers — HM Treasury: Financial Services (29 Feb 2016)

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.

Written Answers — HM Treasury: Financial Services (29 Feb 2016)

Harriett Baldwin: Ring-fencing insulates ring-fenced banks from shocks originating elsewhere in the global financial system, and makes ring-fenced banks simpler so that monitoring and supervision is easier. The PRA are putting in place rules to ensure that the ring-fenced bank can effectively manage its liquidity.

Written Answers — HM Treasury: Financial Services (29 Feb 2016)

Harriett Baldwin: The Prudential Regulation Authority's proposed rules allowing cross-selling and cross-lending between ring-fenced bodies and other entities in the parent group in some circumstances are consistent with the ring-fencing legislation and the Independent Commission on Banking’s recommendations. These agency arrangements simply allow for the customer to access products provided by the wider...

Public Bill Committee: Bank of England and Financial Services Bill [Lords]: Clause 27 - Enforceability of credit agreements made through unauthorised persons (23 Feb 2016)

Harriett Baldwin: ...in matters preparatory to it being made. Clause 28 introduces a power into the 2000 Act for the Treasury to make regulations relating to transformer vehicles. Transformer vehicles—you may be wondering, Mr Brady—are used for risk mitigation purposes in insurance markets, particularly in the insurance and reinsurance industry. The Government plan to use this power to implement a new...

Public Bill Committee: Bank of England and Financial Services Bill [Lords]: Clause 19 - Diversity (11 Feb 2016)

Harriett Baldwin: ...have so much wisdom. The clause amends the general regulatory principles that apply to both the Financial Conduct Authority and the Prudential Regulation Authority. That is a direct way of ensuring that the regulators fully consider the differences between types of business, including—importantly—mutual institutions, across the breadth of work that they undertake, when it is...

Public Bill Committee: Bank of England and Financial Services Bill [Lords]: Diversity (11 Feb 2016)

Harriett Baldwin: ...have so much wisdom. The clause amends the general regulatory principles that apply to both the Financial Conduct Authority and the Prudential Regulation Authority. That is a direct way of ensuring that the regulators fully consider the differences between types of business, including—importantly—mutual institutions, across the breadth of work that they undertake, when it is...

Written Answers — HM Treasury: Banks: Insolvency (3 Feb 2016)

Harriett Baldwin: ...and take action in respect of macroprudential risks. The government has implemented further reforms, including legislating through the Financial Services (Banking Reform) Act 2013 for the “ring-fencing” regime to separate banks’ riskier investment activities from their retail banking activities. The government has implemented the Bank Recovery and Resolution Directive, ensuring the...

Written Answers — HM Treasury: Banks: Loans (25 Nov 2015)

Harriett Baldwin: .... The Government has also continued to support the building societies sector through a number of measures including: carving out building societies from the Independent Commission on Banking ring-fencing regulations, extending ISA eligibility to Core Capital Deferred Shares, and applying a £25m sector-specific allowance to carried-forward losses for Corporation Tax. More recently, the...

Written Answers — HM Treasury: Banks (23 Nov 2015)

Harriett Baldwin: ...interest rate that credit unions can charge on loans from 2% to 3% per month; investing £38m in the sector through the Department of Work and Pensions’ (DWP) Credit Union Expansion Project; ensuring that universal credit and pensions payments can be paid into any credit union account; and launching a Call for Evidence which allowed all credit unions, regardless of size or influence, the...

Backbench Business: Royal Bank of Scotland (5 Nov 2015)

Harriett Baldwin: ...has focused on the future of the banking system in this country. I congratulate the hon. Member for Edmonton (Kate Osamor) on suggesting this debate, and the Backbench Business Committee on securing time for it on the Floor of the House. The 15 contributions that we have heard highlight the importance and impact of our banking sector, and show how integral it is to our long-term economic...

Oral Answers to Questions — Treasury: Bank Stability (27 Oct 2015)

Harriett Baldwin: The Government are fully committed to implementing a robust and effective ring-fencing regime, and we remain firmly on track for the separation of banks by January 2019. We passed the last legislation implementing the Independent Commission on Banking ring-fencing recommendations this year, and the Prudential Regulation Authority is currently consulting on the second tranche of implementation...

Oral Answers to Questions — Treasury: Bank Stability (27 Oct 2015)

Harriett Baldwin: Of course, the Government remain as committed as ever to implementing a robust ring-fencing regime, as recommended by the Independent Commission on Banking. Obviously, I am not going to comment on speculation about how individual banks would like to implement their ring-fencing rules, because that is a commercial decision for banks, as long as they remain compliant with the considerable...

Written Answers — HM Treasury: Financial Conduct Authority (21 Oct 2015)

Harriett Baldwin: The Government has legislated to ensure that the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), are fully empowered to maintain the integrity of the ring-fence, and to take action in preventing this type of misconduct. The ring fencing regime includes requirements that directors of the ring-fenced body (RFB) be able to take decisions independently of group...

Written Answers — HM Treasury: European Financial Stabilisation Mechanism (7 Sep 2015)

Harriett Baldwin: ...area Member States immediate access to collateral, equivalent to their full potential liability, in the event that Greece fails to repay the EFSM loan. The €1.96 billion of collateral is in a ring-fenced account at the European Central Bank. Subsequently, the Government secured an amendment to the EFSM regulation to ensure that similar legally binding full guarantee arrangements...

Written Answers — Health: Health: Finance (5 Jul 2012)

Harriett Baldwin: ...the (a) interim recommendations for the preferred distribution of public health resources from the Advisory Committee on Resource Allocation, (b) health premium and (c) proposed conditions on the ring-fenced public health grant.


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