IMS Export Finance House

HC Deb 20 February 1995 vol 255 c85W

Mr. Cousins

To ask the Secretary of State for Defence (1) if the IMS export finance house was a profitable commercial operation; which enterprise or agency acted as its auditors; and if the National Audit Office had full powers to investigate the operations of IMS export finance house;

(2) what access IMS export finance had to the full rate export finance scheme; and if the terms offered were limited to the terms of the OECD interest rate consensus.

Mr. Freeman

The export finance house set up by International Military Services Ltd. in 1985 proved unable to secure finance house business and was wound up the following year. Consequently, no audit requirement arose.

Mr. Cousins

To ask the Secretary of State for Defence, how the existence and financial performance, of IMS export finance house was reported to Parliament.

Mr. Freeman

There was no requirement to report this commercial initiative to Parliament.