Export Credit Guarantee Department (Rhodesia)

HC Deb 15 November 1966 vol 736 cc64-5W

Mr. Wall

asked the President of the Board of Trade what has been the estimated cost to the Export Credit Guarantee Department directly and indirectly attributable to the Rhodesian unilateral declaration of independence.

Mr. Jay

The Export Credits Guarantee Department has claims from insured British exporters totalling about £660,000, of which £621,244 has so far been paid. Recoveries amount to £25,943 but are expected to reach about £280,000. The net cost to the export credit insurance scheme would thus be about £380,000.

In addition, £240,069 of principal and interest due from Rhodesia this year within an earlier intergovernmental credit agreement under Section 3 of the Export Guarantees Acts has not been paid.