§ Mr. CohenTo ask the President of the Board of Trade what was the amount of the Export Credits Guarantee Department's exposure in trade with Iraq(a) at the beginning of December 1988 and (b) at the end of December 1989; and what was the largest sum this Export Credits Guarantee Department exposure reached. [16654]
§ Mr. Oppenheim[holding answer 22 February 1996]: ECGD estimated its maximum potential exposure on Iraq at £900 million at the end of 1988 and at £1,150 million at the end of 1989.
ECGD's highest estimate of its maximum potential exposure on Iraq was £1,260 million in September 1986.
Maximum potential exposure is calculated on the assumption of full utilisation of credit facilities, but taking into account repayments. Current exposure is £652 million. The difference is accounted for by a mixture of repayments since 1989, together with facilities not being fully utilised.