§ Mr. Maxwell-Hyslopasked the Secretary of State for Trade whether losses incurred by the Export Credits Guarantee Department on cancelled Iranian contracts will be recoverable by massive increases in the premia for Export Credits Guarantee Department cover spread over 34W the whole of its business, or whether the Government intend to cover these potential losses by a special payment from public funds.
§ Mr. MeacherThe impact on ECGD's trading accounts and financial objective of losses from whatever cause arising from events in Iran will depend on the amount, nature, and timing of claims; and on the recovery prospects. It is far too early to make any useful predictions on any of these points, and thus of any remedial action that may be necessary.