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Treasury appoints new APS chief

The Treasury has appointed Stephen Wilcke as the new chief executive of the Asset Protection Agency, which will run the Asset Protection Scheme.

Wilcke, who joins from credit asset manager Cairn Capital where he was a senior advisor, will be taking over from Jeremy Bennett. Bennett helped create the APS framework and agreed to act as chief executive up to the point of the establishment of the Agency.

City minister Paul Myners says: “The APS is a central part of the Government’s efforts to stabilise the financial sector and promote the flow of credit in the economy. This announcement is an important milestone as we move towards implementation of the scheme.”

Both Lloyds Banking Group and RBS are in debate with the authorities as to how much of an involvement they will have in the scheme. Both will swap Government guarantees on their riskier assets in exchange for non-voting ‘B shares’, which would mean the state owns significantly larger parts of the banks.

Treasury second permanent secretary Tom Scholar says: “Jeremy has done an excellent job for the Treasury in setting up the APS and acting as the interim chief executive for which we are very grateful. I am delighted to be welcoming Stephan to this role. He brings a wealth of experience to the role and I look forward to working with him in this capacity.”

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