76. Major MacANDREWasked the Secretary to the Overseas Trade Department whether the Export Credits Guarantee Department will insure traders against the risk of delay in payments due to them in respect of exports to Germany?
§ Lieut.-Colonel COLVILLE (Secretary, Overseas Trade Department)Yes, Sir. In deference to representations made to them and in order to facilitate trade the Department's Advisory Committee have agreed to consider applications for guarantees of payment in sterling upon fixed dates in respect of current exports of United Kingdom origin to Germany. Such guarantees which will be available up to a limited amount will be in the form of an addition to the normal insurance offered against losses due to the insolvency of foreign customers.
Major MacANDREWIs not this a new departure for the Department of Overseas Trade; and may I ask also whether it was made in response to representations from interested parties?
§ Lieut.-Colonel COLVILLEThere has been a strong demand from exporters that the Export Credits Guarantee Department should insure against the risk of exchange restrictions abroad, and the Anglo-German Payments Agreement has made it possible, in this ease, to undertake that kind of business. I believe it will be of help to exporters.