{"value":{"id":517662,"memberId":4536,"member":null,"memberRole":"The Commercial Secretary to the Treasury","uin":"HLWS690","dateMade":"2016-05-05T00:00:00","answeringBodyId":14,"answeringBodyName":"HM Treasury","title":"Financial services update","text":"<p>My honourable friend the Economic Secretary to the Treasury (Harriett Baldwin) has today made the following Written Ministerial Statement.</p><p>I can today confirm that I have laid a Treasury Minute informing the House of the sale of NRAM plc to Cerberus, and the replacement of NRAM plc on the government’s balance sheet by a new company, NRAM (No. 1) Limited (“StayCo”), which will continue to wind down the remaining legacy assets of the former Northern Rock.</p><p> </p><p>The Treasury Minute concerns the transfer to StayCo of assets and liabilities of NRAM plc that were not included in the sale to Cerberus. The government has also reissued, on a like-for-like basis, the guarantees for StayCo’s directors, replacing the previous arrangements for NRAM plc. StayCo is also taking on NRAM plc’s State aid commitments.</p><p> </p><p>The government has received the final £520 million from Cerberus as part of the conclusion of this sale. The Treasury’s contingent liabilities have also reduced by £1.6 billion as a result of the withdrawal of the Treasury’s undertaking to NRAM plc.</p><p> </p><p>I will update the House of any further changes to NRAM (No. 1) Limited as necessary.</p>","house":"Lords","noticeNumber":0,"hasAttachments":false,"hasLinkedStatements":true,"linkedStatements":[{"linkedStatementId":517661,"linkType":"JointStatement","linkDate":"2016-05-05T00:00:00"}],"attachments":[]},"links":[{"rel":"self","href":"/Statements/517662","method":"GET"}]}