§ Malcolm BruceTo ask the Secretary of State for Trade and Industry (1) pursuant to the statement of 1 July 2004, Official Report, column 22WS, regarding the Export Credits Guarantee Department, if she will make a statement on the(a) financial objectives and (b) aims of the Trading Fund's Realisations account; [182760]
(2) which unrecovered claims outstanding with the Export Credits Guarantee Department will be transferred to the Trading Funds Realisations account; who the debtor is in each case; what the amount of outstanding debt is in each case; and what the project type is in each case. [182761]
§ Mr. Mike O'Brien[holding answer 12 July 2004]: The objective of the Realisation Account will be to maximise the asset value of the Account consistent with Government strategy on international debt. Details will be worked out during the pilot Trading Fund.
The unrecovered claims to be vested in the Realisations Account are those currently reported under Account 1 of ECGD's Resource Accounts, except that Account 1 unrecovered claims on heavily indebted poor countries (HIPC) are to be omitted. These will be handled outside the Trading Fund under the auspices of the Government's strategy on international debt.
293WAs explained in my recent answers of 15 June 2004, Official Report, column 818W and 13 January 2004, Official Report, columns 696W, it is not possible to provide all the details that have been requested. However, I am able to supply, as follows, a market-by-market breakdown of all the unrecovered claims that ECGD will transfer to its Realisations Account.
£sterling1 Market Unrecovered claims Algeria 100,209,724.83 Antigua and Barbuda 2,745,763.44 Argentina 31,705,354.61 Bahrain 69,465.62 Bosnia and Herzegovina 902,966.24 Brazil 147,578,918.84 Canada 786.95 Croatia 46,475,237.64 Cuba 52,146,568.31 Cyprus 454.00 Ecuador 26,841,427.89 Egypt 134,073,410.89 France 83,801.01 Gabon 74,718,999.71 Greece 120,555.67 Grenada 957,608.78 Indonesia 99,656,279.35 Iran (Islamic Republic of) 28,766,647.48 Iraq 621,894,072.68 Italy 71,063.06 Jamaica 1,138,927.55 Jordan 216,358,944.62 Korea, Democratic People's Republic 5,864,356.17 Kuwait 1,350,264.38 Libyan Arab Jamahiriya 8,972,335.50 Macedonia 2,401,002.75 Morocco 19,846.714.94 Nigeria 1,655,102,497.14 Peru 54,255,361.16 Philippines 6,150,721.69 Poland 360,214,998.71 Portugal 1.00 Russian Federation 572,046,141.98 Saudi Arabia 1,305,765.53 Serbia Republic 150,035,718.87 Seychelles 8,866.35 Singapore 5,326.27 Spain 64,866.50 United States 3,207,078.66 Zimbabwe 987,401.12 1 As at 30 June 2004. Capitalisation for ECGD's Trading Fund has been based upon data related to 31 March 2003 and will be updated prior to inception of the Trading Fund.