§ Mr. McNultyTo ask the Secretary of State for Trade and Industry if he will make a statement about the future of the Export Credits Guarantee Department's reinsurance facilities. [82624]
§ Mr. WilsonFollowing the privatisation of ECGD's Insurance Services Group in 1991, which was responsible for providing credit insurance in respect of raw materials, consumer durables type exports normally sold on up to 6 months credit, ECGD has provided reinsurance support to private sector credit insurers when there has been a lack of private reinsurance for this class of exports. Since then, demand for ECGD reinsurance has declined as private market capacity has increased. ECGD is to conduct a review of its role in the provision of reinsurance. This will be preceded by a public consultation which will commence shortly. The results of the review are expected in the Autumn.
A copy of ECGD's consultation document has been placed in the Library of the House.