Recommendation 11

The NAO found that the Bank treated Greensill’s application like other similar applicants, but that the Department was particularly interested in Greensill’s accreditation. The Bank applied the same accreditation and due diligence process to Greensill as it did to the two other non-bank lenders that it considered. Between April and September 2020, the Department had eight email exchanges with the Bank requesting updates on the status of Greensill’s accreditation, and whether it might be accredited to lend up to £200 million per borrower.28 The Department told us that these emails were “not putting pressure” on the Bank to accredit Greensill but rather asking the Bank “when it will accredit or not accredit Greensill”.29 The Department explained that these emails took place between “relatively low level” officials rather than ministers or senior civil servants.30