§ Mr. MorganTo ask the Secretary of State for Trade and Industry (1) pursuant to his answer to the hon. Member for Leeds, North-West (Dr. Hampson) of 5 March,Official Report, columns 88–89, what steps he proposes to ensure that the selected tenderers on his short list to take over the insurance services group of the ECGD have adequate capital resources;
(2) pursuant to his answer of 5 March, what consultations he has had with the parent companies of trade indemnity to make its status on the short list for the trade sale of the insurance services group of the ECGD conditional on additional capital resources being provided.
§ Mr. SainsburyShortlisted bidders have been requested to meet the DTI (insurance division) to discuss their plans for the business and capital requirements for the new company. The business will need sufficient capital to satisfy the regulatory requirements of the DTI and prudential requirements. For reasons of commercial confidentiality, it would not be appropriate to disclose details of discussions with any of the companies invited to tender.