HC Deb 21 February 1961 vol 635 cc301-2
39. Mr. Berkeley

asked the President of the Board of Trade on how many and which contracts the Export Credits Department since its inception has had to make a payment owing to default; and what have been the losses or profits of the Exports Credits Guarantee Department for each year since its inception.

Mr. Erroll

From 1st April, 1949, to the end of last year the number of contracts on which claims were paid was 32,122. The loss or profit for any one year cannot be finally computed until all claims or recoveries have been settled. For example, money is still being recovered in respect of claims paid out before the war. Yearly underwriting balances are published in the annual report on trading accounts of Government Departments.

Mr. Berkeley

I thank my right hon. Friend for that reply, but may I ask if he is aware that in the constructional industry, with which I have some connection, there is considerable lack of confidence in this Department, and that exports are not fun if, first of all, one has to grapple with E.C.G.D., whose rates for overseas cover appear to be based on an unduly pessimistic assessment of conditions in overseas territories?

Mr. Erroll

I can assure my hon. Friend that the Advisory Council on Overseas Construction, under my chairmanship, will meet the day after tomorrow, when there will be full opportunity to discuss these matters.

Mr. Snow

As the losses mentioned appear to be completely negligible, will the right hon. Gentleman consider explaining these facilities in a more comprehensible form to smaller potential exporters?

Mr. Erroll

Claims paid out are by no means negligible; they amount to many millions of pounds.

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