§ Mr. McCrindleasked the Secretary of State for Trade what is the maximum liability incurred by the Export Credits Guarantee Department in relation to trade with Iran; what cover is available to exporters to Iran now; and if he will make a statement.
§ Mr. John SmithI refer the hon. Member to the answer which my hon. Friend gave on 9 February to the question from the hon. Member for Harwich (Mr. Ridsdale) about liability of the Export Credits Guarantee Department in respect of trade with Iran. For obvious reasons, the Department has been following a cautious attitude with regard to cover for exports to Iran for some months. Now, however, the practical difficulties of conducting trade make it necessary for the Department to suspend new cover for this market. In particular, there is the problem of obtaining up-to-date information on Iranian buyers which is essential for the underwriting of new business. I regret this decision, and the Department will keep the situation under review, of course, with a view to resuming cover as soon as possible.