Lord Myners continues pursuit of British Business Bank P2P bad loan exposure
Former City minister Lord Myners is remaining defiant in his pursuit of information regarding the British Business Bank’s (BBB) exposure to defaulted peer-to-peer loans.
The cross-party peer has been requesting information on how many bad debts the BBB is exposed to through loans it has backed in the P2P sector.
He has submitted a number of written parliamentary questions and has so far been told the information is “commercially sensitive.”
Two more queries have now been submitted, one asking for more detail on the wording of the confidentiality agreements and whether they are from the government or the P2P lenders, and another asking if the BBB is backing any new loans.
An answer has not yet been provided.
The BBB has previously channelled funds via P2P platforms RateSetter and Funding Circle, as well as former P2P platforms ThinCats and MarketInvoice (which has since rebranded to MarketFinance).
A spokesman for the BBB told Peer2Peer Finance News last year that anyone seeking funds from the BBB must go through a rigorous application process that details the investment structure and strategy as well as elements such as how funds are deployed, the returns and its track record.
It may also conduct background and referencing checks and interviews with current, previous and potential investors.
