§ Mr. Stanley
asked the Secretary of State for Trade if he will detail the modifications that have been made to the agreement with the clearing banks to restrict their rate of return under the refinancing scheme for export credits referred to in Command Paper No. 5786.
§ Mr. Deakins
The modifications provide for the tapering of the agreed rate of return to the banks when the observed rate, on which this is based, is between 7½ per cent. and 14 per cent. This should provide substantial savings 173W to public funds over the next three years. We shall be giving further details of the revised refinancing arrangements in the course of the debate on the Export Guarantees Amendment Bill which is soon to receive its Second Reading.