§ Mr. Benceasked the President of the Board of Trade what insurance facilities will be provided by the Export Credits Guarantee Department in connection with the order from Saudi Arabia for defence equipment.
§ Mr. JayThe Government have decided that cover should be given by the Export Credits Guarantee Department in the national interest under Section 2 of the Export Guarantees Act.
In the ordinary way we do not give information about the underwriting of business on supplier credit by the Department. But this noteworthy export order is abnormal in size and character, and I feel it right that the House should be 465W aware of the use of our powers in this particular case.
The Department's cover will apply to the major part of the combined contracts of the U.K. firms, and will be limited to a period of five years from final delivery of the equipment in question.