Assembly Written Question 13697/17-22

Question: To ask the Minister of Finance to detail the recent agreement by HM Treasury to fund Department for the Economy and InvestNI Expected Credit Losses, and a Financial Transactions Capital loan write-off, totalling £31 million.

Answer: The agreement to fund the Department for the Economy and Invest NI Expected Credit Losses totalling £31 million was as a direct result of the implementation of accounting standard IFRS 9. This standard applies to all Executive departments. As is usual for a change in accounting treatment, Treasury provided additional budget cover for the initial period following implementation. The level requested by DoF was informed by engagement with departments. Treasury has provided the full level of additional budget cover requested for both 2019-20 and 2020-21. This funding is ring-fenced for the purpose provided. There was no agreement or funding for a Financial Transaction Capital loan write-off as referred to in your question.