CONSULTATION ON MODERNISATION OF LLOYD’S ACCOUNTS

The Treasury today published for consultation proposals for the implementation of the Modernisation of Accounts Directive for Lloyd’s of London.

Once the Directive is implemented, with effect from accounting year ending 31 December 2005, Lloyd’s syndicate accounts will be prepared on an annual accounting basis in line with other insurance undertakings. Lloyd’s syndicate accounts are presently prepared on a cumulative basis for three years at a time.

NOTES FOR EDITORS

1. The EU Directive is 2003/51/EC of the European Parliament and the Council of 18 June 2003, amending directives 78/660/EEC, 86/635/EEC and 91/674/EEC on the annual and consolidated accounts of certain types of companies, banks and other financial institutions and insurance undertakings.

2. The consultation document ‘Implementation of the EU Directive 2003/51/EC for Lloyd's (Amending Directive 1991/674/EEC Insurance Undertaking - Annual and Consolidated Accounts)’ is accessible on the HM Treasury website. Printed copies are available from:

Simon Cubley
Capital Markets and Governance Team
HM Treasury
1 Horse Guards Road
London
SW1A 2HQ

Responses should be sent to the same address, or e-mailed to Simon.Cubley@hm-treasury.gsi.gov.uk, by 27 October 2004.

3. Media enquiries should be addressed to Charles Keseru at the Treasury press office on 020 7270 5188.

4. Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk.

5. This press release and other Treasury publications and information are available on the Treasury website at www.hm-treasury.gov.uk. If you would like Treasury press releases to be sent to you automatically by e-mail you can subscribe to this service from the press release site on the website.