HC Deb 14 June 1971 vol 819 cc28-9
36. Mr. Warren

asked the Secretary of State for Trade and Industry what facilities are available from the Export Credits Guarantee Department to give cover to British companies exporting components and equipment to Panavia for the M.R.C.A. aircraft.

Mr. David Price

E.C.G.D. is prepared to consider applications for normal cover for this business.

Mr. Warren

I welcome the facilities made available since I tabled my Question, but does my hon. Friend feel that Panavia, with a capital of only £10,000 and 60 per cent. owned by West German interests, has the capital structure and financial resources to look after a £2,400 million programme?

Mr. Price

My hon. Friend knows as well as I do that Panavia is a get-together of a number of principal companies which have very substantial financial backing, and the fact that it is not highly capitalised does not mean that there are not great resources in support of its activities.

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