§ The Secretary of State for Trade and Industry (Ms Patricia Hewitt)I informed the House on 22 July 2002, Official Report columns 779–780W, that Ministers had decided that ECGD should proceed to Trading Fund status. I also reported that I had asked ECGD to improve its customer care for new customers and make it easier for them to access its support.
I am pleased to be able to announce that work is well underway between ECGD and HM Treasury to agree the policy and objectives, financial and regulatory frameworks and operational details of a Trading Fund, with a view to an effective operational structure being put in place as soon as possible.
The aim is to complete this work by the summer recess, which will enable a consultation paper to be launched in September 2003 to ensure that the views of ECGD's customers and other stakeholders are fully taken into account. A pilot Trading Fund will also be launched in September, or as shortly thereafter as practicable, which will provide valuable operational experience which, together with responses to the consultation, will inform the final decisions on a statutory Trading Fund framework.
Subject to these decisions, it is planned to effect the formal establishment of the statutory Trading Fund by no later than April 2005.
ECGD established a dedicated New Customer Service Team in November. This is already providing a valuable point of contact between ECGD and exporters who had never previously used its services by helping them through the export finance process.
ECGD is committed to providing a first class service to UK exporters and investors. I want it to offer a service that puts it amongst the best export credit agencies in terms of innovation, flexibility and product quality. Proceeding to Trading Fund status should provide a robust platform for ECGD to achieve both its business and financial objectives and secure its future as an important provider of support for UK exporters and investors.