§ Mr. Austin MitchellTo ask the President of the Board of Trade if he will give details of the financing arrangements for the Financial Reporting Council currently in place and the arrangements which will apply from 1993–94.
§ Mr. Neil HamiltonAt present, broadly one third of the funding of the Financial Reporting Council is provided by the Government, one third by the accountancy profession through the Consultative Committee of Accountancy Bodies and the final third by bodies representing City interests. The chairman of the FRC is currently engaged in setting up the arrangements for 1993–94 onwards.
§ Mr. CousinsTo ask the President of the Board of Trade how much is his contribution to the Financial Reporting Council's costs(a) in 1991–92 and (b) proposed for 1992–93.
§ Mr. Neil HamiltonThe Department's contribution to the costs of the Financial Reporting Council and its associated bodies in 1991–92 was £907,793. Its contribution for 1992–93 is expected to be £620,000. The figure for 1991–92 included an element towards the financial reporting review panel's legal costs fund, for which no further contribution is required in 1992–93.