Green Investment Bank

Business, Innovation and Skills written question – answered on 8th January 2013.

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Photo of Paul Flynn Paul Flynn Labour, Newport West

To ask the Secretary of State for Business, Innovation and Skills with reference to the Autumn Statement 2012, what discussions he has held with (a) the chairman of the Green Investment Bank (GIB) and (b) prospective borrowers from the GIB on the implications for GIB's ability to borrow from 2015.

Photo of Michael Fallon Michael Fallon The Minister of State, Department for Business, Innovation and Skills

The Government are fully committed to providing the UK Green Investment Bank (UK GIB) with the funding it needs to be an enduring and effective financial institution. With £3 billion to 2015, the UK GIB is being amply funded so that it will not need to borrow in the short to medium term. The Secretary of State for Business, Innovation and Skills, my right hon. Friend Vince Cable, has had discussions with Lord Smith of Kelvin, Chairman of UK GIB, about the Bank's future ability to borrow. As set out during second reading of the Enterprise and Regulatory Reform Bill in the House of Lords, Lord Smith's focus is on building a well run organisation with a good track record worthy of the injection of more capital or borrowing money in capital markets.

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