Committees

Lessons from Greensill Capital

Inquiry

In response to the COVID-19 pandemic the government launched a series of schemes providing financial support to businesses of all sizes. Of these, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) provided support to the largest businesses—those with a minimum turnover of £45 million. Commercial lenders (for example, banks, building societies and peer to peer lenders) provided financial support directly to businesses. Borrowers are expected to repay the debt in full and government provides a guarantee to the lenders.

The British Business Bank (BBB), acting as scheme administrator on behalf of the Department for Business, Energy and Industrial Strategy, authorised lenders to provide financial support under CLBILS following an accreditation process. BBB authorised Greensill Capital to issue financial support in June 2020. Greensill Capital filed for insolvency on 8th March 2021.

Drawing on Committee’s previous work and the National Audit Office’s  report on Greensill Capital, the inquiry will consider the operation of the Covid 19 financial support packages for business, in particular Greensill Capital’s involvement in the schemes including the accreditation process, and any post-accreditation monitoring of Greensill Capital’s activities.

The Committee will question senior officials at the Treasury and Department for Business, and the chief executive of the British Business Bank. If you have evidence on these issues please submit it here by 6pm on Tuesday 20 July 2021. 

 

This inquiry is no longer accepting evidence

The deadline for submissions was Tuesday 20 July 2021.

Upcoming events

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Past events

Thursday 22 July 2021
9:15am Private
10:00am Public
Lessons from Greensill Capital - Oral evidence 22 July 2021
10:00am
  • Sir Tom Scholar (Permanent Secretary at HM Treasury)
  • Charles Roxburgh (Second Permanent Secretary at HM Treasury)
  • Sarah Munby (Permanent Secretary at Department for Business, Energy and Industrial Strategy)
  • Catherine Lewis La Torre (Chief Executive at British Business Bank)
  • Patrick Magee (Chief Commercial Officer at British Business Bank)
The Grimond Room, Portcullis House
Thursday 13 May 2021
4:30pm Private
5:00pm Public
Lessons from Greensill Capital - Oral evidence 13 May 2021
5:00pm
  • Rt Hon David Cameron
The Wilson Room, Portcullis House
Thursday 22 April 2021
9:15am Private
10:30am Public
Oral evidence session 22 April 2021
Lessons from Greensill Capital - Oral evidence
10:00am
  • Sir Tom Scholar (Permanent Secretary at HM Treasury)
  • Martin Clarke (Government Actuary at Government Actuary’s Department)
  • Cat Little (Director General, Public Spending at HM Treasury)
  • Charles Roxburgh (Second Permanent Secretary at HM Treasury)
Equitable Life - Oral evidence
10:15am
  • Sir Tom Scholar (Permanent Secretary at HM Treasury)
  • Martin Clarke (Government Actuary at Government Actuary’s Department)
  • Cat Little (Director General, Public Spending at HM Treasury)
  • Charles Roxburgh (Second Permanent Secretary at HM Treasury)
  • Mike Williams (Director Business and International Tax at HM Treasury)
Public sector pensions - Oral evidence
10:30am
  • Sir Tom Scholar (Permanent Secretary at HM Treasury)
  • Martin Clarke (Government Actuary at Government Actuary’s Department)
  • Cat Little (Director General, Public Spending at HM Treasury)
The Wilson Room, Portcullis House

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