The APA is an agency of the Treasury that operates the Asset Protection Scheme (APS) – the major government intervention in the UK financial system launched in February 2009 in response to the global financial crisis.
The APS is an insurance scheme to help banks cope with losses on bad loans. Royal Bank of Scotland is using the scheme, but this month Lloyds Banking Group decided to launch a rights issue in preference to participating in the APS.
The APA is legally and constitutionally part of the Treasury but operates at arm's length from ministers and is based in the City of London.
After a competitive pitch, Kreab Gavin Anderson was appointed for the formal launch of the APA last week.
The consultancy's team is led by Byron Ousey and Patricia Hamzahee, co-heads of the firm's UK financial services practice.