§ Mr.Wrigglesworthasked the Secretary of State for Trade what proposals he has for the extension of official facilities to assist the foreign currency financing of export credits
§ Mr.DellAs an extension of the scheme announced in 1976 under which the Export Credits Guarantee Department provides support for buyer credits financed in foreign currency, I have now authorised ECGD to introduce arrangements which will enable contracts concluded on a supplier credit basis to be financed in foreign currency also. These arrangements, which will be introduced with immediate effect, have been the subject of discussions between ECGD, the banks, the CBI and exporters, and are available for contracts insured on a specific basis involving credit terms of210W two years or more. To ensure that finance under these arrangements will continue to be available, ECGD will be prepared to make loans to financing banks under section 3(1)(a) of the Export Guarantees Act in the event that funds are not readily available from the commercial market.