The Department’s enquiries of the Bank during Greensill’s accreditation created a damaging perception of interference, though the Bank asserts that this did not affect its judgement. The Department had eight email exchanges with the Bank between April and September 2020 requesting updates on Greensill’s accreditation to CLBILS and whether it would be allowed to lend up to £200 million. The Department’s interest in Greensill’s accreditation was based on the potential for the scheme to support Liberty Steel, part of the GFG Alliance and a major Greensill customer. The Bank describes this level of interest as “unusual”. Furthermore, when challenged on its lending to the GFG Alliance, Greensill told the Bank that it had received “political steers” that its support for the steel industry was welcome. The Department is unable to explain the source of this perceived support and has confirmed with all its ministers that no political cover for Greensill has been provided. On 30 April 2021, the Bank launched an internal review to assess whether third parties sought to influence it during the accreditation of Greensill and, if so, the outcome of that influence. The purpose of the review was to find out whether anybody attempted to exert influence over the Bank, not just whether these attempts were successful or not. The Bank’s review has concluded that its independence was not compromised. Recommendation: Alongside its Treasury Minute response, the Department should write to the Committee within three months setting out the principles it will apply to future correspondence with the Bank on matters for which the Bank is operationally independent, to minimise any future perception of influence. The Treasury should, jointly with the Cabinet Office, set out cross-government principles to create a more routine and transparent way of sponsoring bodies making enquiries of its arms-length bodies.