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Asset Protection Scheme
15 July 2009
Text of request
The lending commitment deed polls entered into by the Royal Bank of Scotland plc and Lloyds Banking Group plc in connection with their participation in the Asset Protection Scheme.
Text for disclosure
The Asset Protection Scheme (APS) was announced on 19 January 2009. On 26 February the Treasury announced agreement in principle with the Royal Bank of Scotland (RBS) to participate in the Scheme, and agreement in principle with Lloyds Banking Group (LBG) was reached on 7 March. As part of their participation in the APS, the Government agreed specific and legally binding lending commitments with RBS and LBG. The Banks have filed parts of the associated deed polls with the US Securities and Exchange Commission. That information is therefore formally exempt under section 21 of the Freedom of Information Act ("Information accessible to applicant by other means"). For convenience and because of the public interest, the Treasury is replicating the information here. We are withholding parts of the information in the deed polls under the exemption in section 43(2) that relates to information where disclosure would, or would be likely to, prejudice the commercial interests of any person.
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