§ Mr. MullinTo ask the Chancellor of the Duchy of Lancaster what steps were taken by his Department to ensure the creditworthiness of VR Shipping before the contract for 24 ferries was underwritten by the Export Credits Guarantee Department.
374W
§ Mr. Atkins[holding answer 29 April 1988]: Before the contracts for the 24 ferries were underwritten by ECGD the full standard investigations were carried out as regards the financial standing of VR Shipping and the provision of appropriate collateral security.
§ Mr. MullinTo ask the Chancellor of the Duchy of Lancaster what information he has on the ability of the Danish company VR Shipping to pay for the 24 ferries it ordered from NESL(a) at the time of signature of the contract and (b) now.
§ Mr. Atkins[holding answer 29 April 1988]: The answer to the previous question refers to the ability of VR Shipping to pay for the ferries at the time of signature of the contracts. As my right hon. and learned Friend reported to the House on 18 April, the contracts are currently in dispute pending the outcome of which the payment situation is unclear.