PARLIAMENTARY WRITTEN QUESTION
Prudential Regulation Authority (18 October 2018)

To ask the Chancellor of the Exchequer, for what reason access to the alternative remedies package has been limited only to applicants authorised by the Prudential Regulatory Authority to take deposits.

Asked by:
Jonathan Reynolds (Labour)

The Alternative Remedies Package (ARP) is the package of Royal Bank of Scotland (RBS)-funded measures agreed in September 2017 between HM Government and the European Commission (EC) as a resolution to RBS’ final State aid commitment to divest the business formerly known as Williams & Glyn.

The ARP design and eligibility criteria were agreed with the EC following a period of extensive consultation with financial service providers and UK regulators. Banking Competition Remedies Ltd (BCR) is the independent body established to implement the ARP. Final decisions on award allocation will be made by BCR. The eligibility criteria can be found on BCR’s website (https://bcr-ltd.com/).

Non PRA-regulated firms may apply for Pool D of the Capability and Innovation Fund, which makes available £25 million of funding to facilitate the commercialisation of financial technology that is relevant to SMEs.

Answered by:
John Glen (Conservative)
25 October 2018