§ Mr. ButlerTo ask the President of the Board of Trade if he will make a statement about the arrangements for providing export credit facilities to Russia.
§ Mr. NeedhamI have been advised by the Export Credits Guarantee Department's accounting officer that in his view the risks involved in giving guarantees for exports and investment in Russia under sections 1(1) and 2 of the Export and Investment Guarantees Act 1991 do not meet ECGD's normal underwriting criteria. However, in view of the importance which the Government attach to encouraging trade with Russia, I have instructed him to make arrangements for such guarantees to be issued. These guarantees will be excluded from ECGD's break-even objective for new business.