UK Parliament / Open data

Green Investment Bank

Proceeding contribution from George Freeman (Conservative) in the House of Commons on Thursday, 29 October 2015. It occurred during Debate on Green Investment Bank.

I am trying to remember the beginning of the hon. Gentleman’s question. Will I confirm that there are no safeguards? No, I will not confirm that. It will not be set out in legislation in the way that it is at the moment, but there will be a whole series. The shareholder agreement has not been drawn up yet. Despite the earlier comments of the hon. Member for East Lothian (George Kerevan) about articles of association, the funding and raising of subscription moneys for companies like this is a major legal undertaking. The business plan will be a material document in that process. The bank has set out what it is raising money to invest in. That has to be done when money is being raised. That is all subject to incredible legal scrutiny. The investors who are investing in the company have to sign warranties and give undertakings to their own investors

that they are investing in what they say they are. Although they will not be set out in legislation, there are a number of safeguards to ensure that the bank will continue to operate in the green investment space.

Type
Proceeding contribution
Reference
601 c231WH 
Session
2015-16
Chamber / Committee
Westminster Hall
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