§ Sir Richard BodyTo ask the President of the Board of Trade what estimate she has made of the costs to public funds of the United Kingdom acceptance of the European Council directive on the harmonisation of the main provisions concerning export credit insurance for transactions with medium and long-term cover. [12513]
§ Mrs. BeckettThe ECGD has carried out a full and thorough assessment of the costs associated with implementing this Directive. Taken as a whole, the effects of the Directive as currently drafted are broadly cost neutral for the UK Government and will not result in any additional burden to UK tax payers. A detailed analysis of the costs involved is set out in Explanatory Memorandum 9507/97 COM (97) 264 which was submitted to the House of Commons and House of Lords Scrutiny Committees on 7 October.