In response to the COVID-19 pandemic the government launched a series of schemes providing financial support to businesses of all sizes. Of these, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) provided support to the largest businesses—those with a minimum turnover of £45 million. Commercial lenders (for example, banks, building societies and peer to peer lenders) provided financial support directly to businesses. Borrowers are expected to repay the debt in full and government provides a guarantee to the lenders. The British Business Bank (BBB), acting as scheme administrator on behalf of the Department for Business, Energy and Industrial Strategy, authorised lenders to provide financial support under CLBILS following an accreditation process. BBB authorised Greensill Capital to issue financial support in June 2020. Greensill Capital filed for insolvency on 8th March 2021.
This investigation will cover Greensill Capital’s involvement in the government’s COVID-19 support schemes, including the accreditation process, and any post-accreditation monitoring of Greensill Capital’s activities.