Sovereign Debt (Hansard, 22 January 1993)

§ Mr. Meacher
To ask the President of the Board of Trade if doubtful sovereign debt held by the Export Credits Guarantee Department is provisioned in accordance with guidelines established by the Bank of England.

§ Mr. Needham
I can confirm that the provisions for unrecovered claims in respect of political risk in ECGD's trading accounts are assessed using the Bank of England provisioning matrix. ECGD's 1991–92 trading accounts are due to be laid before the House on 28 January.

§ Mr. Meacher
To ask the President of the Board of Trade if he will provide details regarding levels of sovereign debt held by the Export Credits Guarantee Department.

§ Mr. Needham
The Export Credits Guarantee Department's 1991–92 annual report, which is due to be laid before the House on 28 January, provides a detailed breakdown of its sovereign debt.

§ Mr. Meacher
To ask the President of the Board of Trade if he will provide details regarding sovereign debt held by the Export Credits Guarantee Department offered for sale in the secondary debt market.

§ Mr. Needham
The agreement amongst Paris club group of creditors currently allows the Export Credits Guarantee Department to consider sales of sovereign debt in the following markets:

Benin

Bolivia

Cameroon

Congo

Cote D'Ivoire

Ecuador

Egypt

Ethiopia

Guinea Republic

Jamaica

Jordan

Mali

Morocco

Nicaragua

Niger

Nigeria

Peru

Phillipines

Poland

Senegal

Sierra Leone

Tanzania

Togo

Uganda

Zambia