Speeches by Coghlan.

“Sure. As someone who used to work in public markets, I am just trying to understand how the market maker demand for this kind of thing would work. You are essentially just creating another form of public market, so why would a PE fund not just want to go and do the normal over-the-counter type of transaction?”

“I thank the hon. Member for securing this debate. I am working closely with him on the Mental Health Bill. Does he agree that one issue for families who are worried about their loved one is that when they are over the age of 18, there can be barriers in law in terms of the presumption of capacity and the Mental Capacit…”

“Great, so I can be less formulaic now. Why do you believe the Crown Estate needs the power to borrow, as envisaged by the Crown Estate Bill?”

“Thank you, Mr Lewis. Your commercial experience is hugely valuable for this role, but it raises potential independence issues. Do you see there being any potential conflicts of interest with your private sector roles? How will you manage that if so?”

“But that lease no longer exists.”

“You mentioned that you will have one to two days a week on the Crown Estate chairmanship role, but seven to 10 overall.”

“How much time will you be spending on Tristan Capital Partners by comparison? How do you split your time?”

“You mentioned already that you are leaving two of your trustee positions. Are there any other positions that you are leaving to make space for this?”

“Will you be making use of your extensive contacts in industry in your position and role as chair?”

“Apologies, this is a bit of a basic question, but I need to ask it. Can you confirm that you will not seek to generate business or advantage for your existing commercial interests through your role as chair?”

“Apologies for the same thing. Can you confirm that no favourable treatment will be given to existing contacts of yours should they seek to work with the Crown Estate?”

“Apologies again. It is formulaic but we need to ask it. You have already answered this to an extent. Is it possible that companies you control may be operating in direct competition with the Crown Estate?”

“You have processes.”

“Why would it help?”

“How would you think about managing that? Would you have maximum leverage ratios, I guess, approved by the board? How would that work?”

“Presumably, when the Crown Estate develops its asset base, by definition it is going to be competing with the private sector. Is that a problem?”

“You would not envisage your role to be to help crowd in private sector investment, for example, or having a higher risk tolerance than, say, the private sector.”

“Why would you not allow the private sector to develop the Crown Estate’s assets on the Crown Estate’s behalf, instead of borrowing internally?”

“Are there any level playing field issues, given that the Crown Estate can borrow probably at a lower interest rate than the private sector?”

“One of your PRC colleagues, David Soanes, said in his questionnaire that the PRA has made progress in the secondary competition objective, but the limited changes to the competition landscape suggest there remains scope for more progress. Would you agree with that?”