Government: Loans

Cabinet Office written question – answered on 15th May 2019.

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Photo of Frank Field Frank Field Chair, Work and Pensions Committee, Chair, Work and Pensions Committee

To ask the Minister for the Cabinet Office, what steps he is taking to ensure that all loans under UK law given to governments or with government guarantees are disclosed publicly at the time they are made and comply with the law of the country concerned.

Photo of David Lidington David Lidington Chancellor of the Duchy of Lancaster, Minister of State (Cabinet Office)

Given the complex international nature of sovereign debt, we continue to believe that internationally-agreed approaches are the most effective way to improve sovereign debt transparency and sustainability. Sovereign governments are ultimately responsible for their own borrowing, and the UK supports the IMF and World Bank’s efforts to improve the capacity and capabilities of sovereign borrowers to fulfil this responsibility. The UK also recognizes that official and private creditors have an important role to play in securing debt transparency and sustainability. The G20 agreed Operational Guidelines for Sustainable Financing for official creditors in 2017. The UK is now working through the G20 to monitor an industry-led initiative by the Institute of International Finance (IIF) to improve the transparency of lending of private creditors.

UK-based lenders are also already subject to extensive prudential disclosure requirements under UK law. The Capital Requirements Regulation requires firms to disclose the geographic distribution of their credit exposures, including those to central banks and governments, if the loans are material.

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