Recommendation 15

In early 2020, Greensill approached a number of government departments seeking involvement in various business support schemes.41 Greensill approached the Treasury and the Bank of England to access the Covid Corporate Finance Facility (CCFF) and was rejected as it was ineligible.42 The Treasury Select Committee covered Greensill’s application to the CCFF in detail in its report published in July 2021.43 Greensill also approached UK Export Finance (UKEF) through a lender, seeking a £500 million loan supported by an Export Development Guarantee. UKEF began discussions with Greensill in late March 2020 and rejected this application in June 2020. UKEF also rejected a revised application to the same scheme in September 2020. UKEF rejected Greensill’s application as it did 34 C&AG’s Report, para 3.9 35 Q 69 36 Q 69 37 Qq 20, 71–72 38 Q 22 39 Qq 22–24, 110; C&AG’s Report, para 2.27 40 Qq 100, 10–112; C&AG’s Report, para 2.27 41 C&AG’s Report, para 1.14–1.15 42 Treasury Select Committee, Lessons from Greensill Capital: correspondence, May 2021 43 Treasury Select Committee, Lessons from Greensill Capital, Sixth Report of Session 2021–22, HC 151, July 2021 Lessons from Greensill Capital: accreditation to business support schemes 15 not feel it was sufficiently aligned with the policy intent of the guarantee. Furthermore, UKEF’s due diligence had identified media reports highlighting concerns relating to Greensill; including its governance and the level of exposure to some of its customers.44