§ Mr. ThurnhamTo ask the Secretary of State for Trade and Industry what are the projected future costs of export credit and financing support provided for project exports; and if he will make a statement.
§ Mr. RedwoodECGD charges premium to cover administration costs and expected future net losses. The historical results of these operations are published in ECGD's annual trading account.
The latest available projections of the cost of interest rate support for exports insured by ECGD are those published in the 1990 public expenditure White Paper for the next three years from 1990–91.
The forecast cost of interest rate support is £259 million in 1990–91, £90 million in 1991–92, and £10 million in 1992–93. These figures are calculated using certain 792W assumptions about future interest rates which are standard throughout Government and actual expenditure will vary in line with fluctuations in these rates.
§ Mr. MorganTo ask the Secretary of State for Trade and Industry if he will make it a requirement of the privatisation of the insurance services group of the Export Credits Guarantee Department that existing staff in that Department transferring to the private company be given the right of returning to the Civil Service; and if he will make a statement.
§ Mr. Redwood[holding answer 7 February 1990]: The terms will be decided in due course. It is premature to make a statement.