Export Credits (Hansard, 28 July 1975)

§ 22. Mr. Stanley
asked the Secretary of State for Trade whether he is satisfied with the implementation of the Government's policy on export credits.

§ Mr. Deakins
Yes, Sir.

§ Mr. Stanley
When will the hon. Gentleman be able to give details of the new ECGD scheme to cover pre-shipment finance?

§ Mr. Deakins
We hope that an announcement on this matter will be made fairly soon. As the hon. Gentleman will appreciate, there have been a number of difficulties with the clearing banks. The problems are not with my Department but with the clearing banks themselves. I am hopeful for a successful outcome to the discussions and that we shall be in a position to make an early announcement.

§ Mr. Dalyell
What are these difficulties?

§ Mr. Deakins
My Department wants some assurance that the clearing banks will not regard the provision of pre-shipment finance by the Government as a reason for cutting back on their own overdraft lending to the particular industries concerned. That is a major difficulty which must be overcome before we can put forward an acceptable scheme.