Clydesdale Bank and Yorkshire Bank

Treasury written question – answered on 23rd January 2014.

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Photo of Sammy Wilson Sammy Wilson Shadow DUP Spokesperson (Treasury)

To ask the Chancellor of the Exchequer

(1) what information he has received from the Financial Conduct Authority in relation to the misselling of embedded swaps in fixed rate business loans by (a) Clydesdale bank and (b) Yorkshire bank;

(2) what assessment he has made of job losses arising through the alleged misselling of embedded swaps to businesses by the Clydesdale and Yorkshire banks;

(3) how many fixed rate business loans which have embedded swaps sold along with the loan have been made by Clydesdale and Yorkshire banks in the last five years.

Photo of Sajid Javid Sajid Javid The Financial Secretary to the Treasury

Treasury Ministers and officials meet with, and receive representations from, a wide range of organisations and individuals in the public and private sectors, as part of the usual policy making process. As was the case with previous Administrations, it is not the Treasury’s practice to provide details of all such representations.

The Treasury has not made any assessment of the job losses arising through the alleged mis-selling of embedded swaps to businesses by the Clydesdale and Yorkshire banks.

The Treasury does not know the number of embedded fixed rate business loans sold by Clydesdale and Yorkshire banks in the last five years.

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