§ Lord Brockwayasked Her Majesty's Government:
How much the Argentine Government owes Williams and Glyn's Bank for two destroyers, sister ships of HMS "Sheffield", fitted with Exocet missiles, built by Vickers at Barrow-in-Furness; and whether the Export Credits Guarantee Department of the Government will be liable to compensate the bank.
§ The Minister of State, Treasury (Lord Cockfield)It is normal practice not to disclose details of ECGD's involvement in commercial contracts; but, in view of the publicity already attracted to this case, I can confirm that the department gave cover in respect of the sale to the Argentine Government in 1969 of two Type 42 destroyers, and that the amount yet to be paid by the buyer amounts to a little over £3.8 million including interest. In the event of this payment not being received, ECGD will be liable to compensate the United Kingdom bank concerned, subject to the terms and conditions of the cover given.