Royal Bank of Scotland: Asset Protection Agency

Treasury written question – answered on 12th February 2019.

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Photo of Martin Whitfield Martin Whitfield Labour, East Lothian

To ask the Chancellor of the Exchequer, who authorised the Commissioners to approve the Asset Protection Agency’s agreement with RBS on behalf of Her Majesty’s Government.

Photo of Martin Whitfield Martin Whitfield Labour, East Lothian

To ask the Chancellor of the Exchequer, if he will publish the legal agreement dated 26 November 2009 between the Royal Bank of Scotland and the Asset Protection Agency.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Asset Protection Agency (APA) was set up in 2009 to manage the Asset Protection Scheme (APS), with the objective of maintaining financial stability and protecting taxpayers’ interests by ensuring participating banks managed their exposure to high-risk assets responsibly.

The Royal Bank of Scotland (RBS) signed an ‘Accession Agreement’ to the APS dated 26 November 2009. This agreement remains in the private domain, but the broad parameters are publicly available here: https://otp.tools.investis.com/clients/uk/rbs1/rns1/regulatory-story.aspx?cid=365&newsid=235063. RBS’s participation in the APS was approved by Ministers in HM Treasury at the time.

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