§ Mr. Gouldasked the Secretary of State for Trade and Industry when officials of the Export Credits Guarantee Department became aware of irregularities in the open account dealings by the directors of Ultraleisure; when it was realised that the credit limits approved by the Export Credit Guarantee Department for this company were inappropriate to its export turnover; and why no action was taken.
§ Mr. Alan ClarkCertain aspects of the involvement of this company with the Export Credits Guarantee Department are the subject of police investigation. In these circumstances it would be inappropriate for me to give the information requested.
§ Mr. Gouldasked the Secretary of State for Trade and Industry what communication, by telephone or otherwise, there has been between his officials and Mr. Robert Stapleton, a director of Ultraleisure and currently resident in Spain.
§ Mr. Alan ClarkI am not aware of any such communication since Mr. Stapleton has been resident in Spain.
§ Mr. Gouldasked the Secretary of State for Trade and Industry (1) why a decision was made on 20 November 1981 by a senior official of the Export Credit Guarantee Department to approve an 8.5 per cent. interest rate for financing Ultraleisure's export contracts to another European Economic Community country when this rate was in contravention of the Organisation for Economic Co-operation and Development consensus rate; and when the relevant letter of commitment was issued by the bank involved;
(2) why the decision to approve an 8.5 per cent. interest rate for finance for Ultraleisure's export contracts was specifically made in respect of Ultraleisure's newly-formed Swiss subsidiary; and when was the last occasion on which this type of arrangement was permitted.
§ Mr. Alan ClarkThis decision was made in accordance with ECGD's current policy at the time. The export contract in question was with a buyer in a non-EC country. Since the end of 1983, the Department has not supported OECD consensus rates of interest to finance any exports where it is known that their final destination is another EC country.