§ Mr. Onslowasked the President of the Board of Trade whether he has considered reducing the premium charged by the Export Credits Guarantee Department for credit cover on aircraft deals, in accordance with the recommendation in the Plowden Report.
§ Mr. JayYes. With the agreement of the Export Guarantees Advisory Council, most premium rates were reduced by an average of 15 per cent. on 9th May, 1966. Rates for sales of large capital-goods, including aircraft, were cut by rather more than the general average.
§ Mr. Onslowasked the President of the Board of Trade whether the standard period of Export Credits Guarantee Department credit cover for all major aircraft types including the BAC 111 has now been extended to 10 years, as recommended in the Plowden Report.
§ Mr. JayThe Export Credits Guarantee Department is ready to offer cover on large civil jet aircraft, including the BAC 111, on terms providing for repayment of credit over 10 years from delivery for creditworthy buyers and markets.