HC Deb 05 March 2001 vol 364 cc93-4W
Jackie Ballard

To ask the Chancellor of the Exchequer (1) what powers he has to withhold issue of payment warrants for interest clue upon gilt-edged securities to the name of a security holder known to have died; [151172]

(2) when he made it his policy to withhold issue of payment warrants for interest due upon gilt-edged securities after receipt of notification of the death of the security holder and prior to the receipt of the office copy of the grant of probate or administration; what representations he has received on it; what plans he has to review the policy; how many estates hold Treasury stock in respect of which the Bank of England's Registrar's Department delayed issue of payment warrants in compliance with the policy in 2000; if he will estimate the average period between receipt of notification of death and receipt of an office copy grant by the Bank of England's Registrar's Department in 2000 and the consequential delay in issue of payment warrant once interest had contractually become due; what assessment he has made of the total financial benefit to the Treasury from implementation of this policy in 2000; and if he will make it his policy to make compensatory interest at the statutory rate payable in respect of late issue of payment warrants. [151173]

Miss Melanie Johnson

The information sought will take some time to assemble and I will write to the hon. Member separately.

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