Asset Protection Scheme

Treasury written question – answered on 14th February 2019.

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Photo of Martin Whitfield Martin Whitfield Labour, East Lothian

To ask the Chancellor of the Exchequer to state, what the proportion of (a) incentive and (b) bonus components was of remuneration for Asset Protection Scheme personnel and senior executives, evaluated against their performance targets between 2009 and 2012; and which Minister authorised those payments.

Photo of Martin Whitfield Martin Whitfield Labour, East Lothian

To ask the Chancellor of the Exchequer, if he will (a) list the people who composed the Senior Oversight Committee for the Asset Protection Agency between 2009-2012 and (b) set out (i) the process by which and (ii) by whom those people were appointed.

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 by the Government in 2009 to manage the Asset Protection Scheme (APS). The APA supported financial stability and the taxpayers’ interest by protecting financial institutions participating in the APS against exceptional credit losses on high-risk assets.

An APA Remuneration Committee advised the Chief Executive and Advisory Board on remuneration for APA staff, and advised HM Treasury on remuneration for the Chief Executive. Performance awards were made based on individual performance appraisals, which were undertaken in line with Civil Service appraisal and performance award policies. Further information on remuneration is publicly available in the APA Annual Report and Accounts here: https://webarchive.nationalarchives.gov.uk/20130129110533/http://www.hm-treasury.gov.uk/apa.htm.

The HMT Operations Committee approved the pay principles to be adopted in setting salary ranges for APA staff. Remuneration packages for senior APA staff were approved by the Cabinet Office.

The Senior Oversight Committee was established by RBS in compliance with the APS governance and oversight conditions. The Committee consisted of RBS senior management personnel and a non-executive director of RBS. The APA leadership team attended Committee meetings as non-voting observers.

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