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Banks: Green Investment Bank

House of Lords written question – answered on 9th February 2011.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government whether the green investment bank will be authorised as a bank to take deposits from the public.

Photo of Baroness Wilcox Baroness Wilcox The Parliamentary Under-Secretary of State for Business, Innovation and Skills

The Government announced in the spending review that the Green Investment Bank would be funded during the spending review period with £1 billion of departmental budgets as well as significant proceeds from asset sales. Retail deposits are not likely to be an initial source of funding for the Bank. We are, however, looking to build an institution for the long term and will be examining possible, additional funding requirements.

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