HC Deb 19 January 1994 vol 235 c643W
Mr. Llew Smith

To ask the President of the Board of Trade if he will make a statement on the nature of his Department's responsibility for and oversight of the ECGD since it was sold.

Mr. Needham

The short-term business of ECGD, formerly operated by its insurance services arm, was privatised on 1 December 1991. The privatised company has to meet the regulatory requirements of the DTI pertaining to private sector insurance companies. ECGD continues to be a separate Department of the Secretary of State, principally concerned with credit insurance support for capital goods and project exports, typically sold on medium and long terms of credit. The Government have agreed to provide various supplemental reinsurance facilities to the private sector through ECGD to ensure that sufficient capacity is available to meet the needs of United Kingdom companies exporting on short terms of credit.

Mr. Llew Smith

To ask the President of the Board of Trade if his Department retains records of ECGD activities prior to its privatisation.

Mr. Needham

The Secretary of State retains the right of access to records held by NCM Credit Insurance Ltd. to satisfy ECGD's requirements in terms of its trading and appropriation accounts, its public accountability obligations and to ensure the company complies with the terms of agreements entered into with ECGD in the context of the privatisation.

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