HC Deb 11 November 1933 vol 48 cc239-40W
Mr. McCrindle

asked the Secretary of State for Trade and Industry what has been the effect on the Export Credit Guarantee Department of the re-scheduling of the debts of South American countries.

Mr. Alexander Fletcher

Ecuador and Peru have sought the rescheduling of their officially supported debts through the Paris club. The Export Credits Guarantee Department has now entered into a bilateral agreement with Ecuador and a similar agreement is in negotiation with Peru. Some £26 million of insured debt is involved and ECGD will have to meet claims from its policyholders up to this amount. Brazil has also requested rescheduling and this is at an early stage of consideration: it is not yet possible to assess the precise effect of this upon ECGD.