Sixth Report - Lessons from Greensill Capital
- HC No.
- HC 151
- Published
- 20 Jul 2021
- Items
- 0
- Government response
- Government response published 24 September 2021 (deadline 20 September 2021). Read the government's response ↗
Select committee: Treasury Committee
Lessons from Greensill Capital
Closed
Opened 19 Apr 2021
Closed 20 Jan 2022
Treasury Committee Inquiry on parliament.uk ↗
Inquiry scope (the committee's words)
Lessons from Greensill Capital The Treasury Committee is undertaking a short inquiry following the failure of Greensill Capital. The inquiry, Lessons from Greensill Capital , will be divided into the following two strands: Lessons for the financial system and its regulation from the failure of Greensill Capital Lessons for HM Treasury (and its associated public bodies) from its interactions with Greensill Capital during the Covid crisis
Where it stands
The inquiry is closed, opened 19 April 2021.
The committee has published 1 report, most recently Sixth Report - Lessons from Greensill Capital on 20 July 2021.
The government's response
Published 24 September 2021. The deadline was 20 September 2021.
Summary written by Accountability Index from the government's response. It is not the government's own words.The Chancellor's letter responds to the Committee's key recommendations by setting out areas of ongoing Treasury work and some points of disagreement, while stating that the department "acted entirely appropriately in relation to Greensill".
- On securitisation, the Chancellor considers applying the Securitisation Regulation to supply chain finance loans "would in my view be inappropriate", but says the Government, in consultation with the regulators, "will consider" whether any new requirements or guidance might usefully apply.
- On appointed representatives, the Chancellor welcomes the recommendation. The Treasury has started a review, will consider legislative reforms "that may be necessary", and "plans to issue a Call for Evidence".
- On changes of control of banks, HM Treasury is working with the PRA and the FCA to consider how applications are dealt with and "what changes might need to be considered".
- On the Boardman Review of supply chain finance, the Government "will carefully consider its recommendations" and set out a policy statement "in due course". On deleting records from mobile devices, it considers the balance of risk "falls decidedly in favour of retaining the security feature".
Reports
- Sixth Report - Lessons from Greensill Capital20 July 2021
Evidence
- 5 oral evidence sessionsLatest 27 May 2021
- 9 witnesses
Recent activity
- Fifth Special Report - Lessons from Greensill Capital: Responses to the Committee’s Sixth Report of Session 2021–2224 September 2021, Report published
- Sixth Report - Lessons from Greensill Capital20 July 2021, Report published
- Correspondence to the Chair from the Administrators for Greensill Capital, relating to the failure of Greensill Capital, dated 9 July 202114 July 2021, Correspondence
Reports
Oral evidence sessions
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| Date | Session and witnesses | Source |
|---|---|---|
| 27 May 2021 |
Oral evidence session
Charles Roxburgh · HM Treasury,
Rt Hon Rishi Sunak MP · HM Treasury
|
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| 27 May 2021 |
Oral evidence session
Charles Roxburgh · HM Treasury,
Sir Tom Scholar · HM Treasury
|
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| 13 May 2021 |
Oral evidence session
Rt Hon David Cameron
|
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| 11 May 2021 |
Oral evidence session
Alexander Greensill CBE
|
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| 28 Apr 2021 |
Oral evidence session
Dr Richard Bruce · The University of Sheffield,
Professor David Aikman · Qatar Centre for Global Banking and Finance at King's Business School, King's College London,
The Lord Macpherson of Earl's Court GCB,
The Lord Myners CBE
|
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Who gave evidence
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| Witness | Organisation | Sessions |
|---|---|---|
| Charles Roxburgh · Second Permanent Secretary | HM Treasury | 2 |
| Alexander Greensill CBE | Not recorded | 1 |
| Dr Richard Bruce · Management Accounting & Supply Chain Academic and Practitioner | The University of Sheffield | 1 |
| Professor David Aikman · Professor of Finance and Director | Qatar Centre for Global Banking and Finance at King's Business School, King's College London | 1 |
| Rt Hon David Cameron | Not recorded | 1 |
| Rt Hon Rishi Sunak MP · Chancellor of the Exchequer | HM Treasury | 1 |
| Sir Tom Scholar · Permanent Secretary | HM Treasury | 1 |
| The Lord Macpherson of Earl's Court GCB | Not recorded | 1 |
| The Lord Myners CBE | Not recorded | 1 |
Correspondence
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