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Banking: Royal Bank of Scotland

House of Lords written question – answered on 8th June 2011.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government what are the terms of reference, projected budget and source of funding for the review by Sir David Walker and Mr Bill Knight into the review on the collapse of Royal Bank of Scotland carried out by PricewaterhouseCoopers and of the review of that review by the Financial Services Authority; and whether Sir David Walker and Mr Bill Knight will have access to the report and working papers of PricewaterhouseCoopers.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

On 25 May, the chairman of the Treasury Select Committee (TSC) announced the terms of reference for the independent review of the report by the Financial Services Authority (FSA) into the failure of the Royal Bank of Scotland.

The FSA will take all reasonable steps to ensure that the review team has access to such documents and persons as it considers necessary to undertake this review. The FSA will provide the reviewers with reasonable resources and bear the cost of employing such advisers as the reviewers may require and any other incidental expenses. Remuneration of the review team is a matter for the TSC.

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