§ Mr. Neubert
asked the Secretary of State for Trade what progress the Export Credits Guarantee Department has made recently in issuing reinsurance agreements with other credit insurers.
§ Mr. Parkinson
An agreement has recently been signed with the French credit insurers COFACE covering the export of Anglo-French aircraft. A further reinsurance agreement which is under negotiation with COFACE and also covers the export of aircraft should be signed next month. Some of the premium from the United Kingdom exporter for these sales is payable to COFACE by ECGD in consideration of these agreements. The amount involved will not exceed £1.5 million. Parliamentary approval to this new service will be sought in a Supplementary Estimate, for the International Trade: Export Credit Services and Insurance of Investment Overseas Vote. Pending that approval, the necessary expenditure will be met by repayable advances from the contingencies fund.