Banking

House of Lords written question – answered on 28th June 2011.

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Photo of Baroness McDonagh Baroness McDonagh Labour

To ask Her Majesty's Government where the public shareholding in the banks is currently recorded in the public accounts; and how the consequential revenues will be recorded and accounted for once the shares are sold.

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

The Government's investments in financial institutions are recorded in the Treasury's resource accounts. Any share sale would also be recorded in the resource accounts.

The accounting will be in accordance with international financial reporting standards with any gains or losses recognised in the Treasury's statement of comprehensive net expenditure within the resource accounts.

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