ECGD (Hansard, 27 July 1999)

§ Mr. Byers

ECGD will shortly be commencing a Review of its Status in accordance with "Next Steps" principles. This will allow us to take a fundamental look at ECGD's functions in order to establish a clear Mission Statement to define ECGD's role over the next few years.

The Terms of Reference for the Mission and Status Review are: To review the aims and objectives, role and status of ECGD and to make recommendations to the Secretary of State for Trade and Industry.

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The Review should take account of the relationship of ECGD's activities to HMG's wider objectives and of the need to balance the benefits of ECGD's support for UK exporters and investors against the risks to the taxpayer. The Review should consider international practice in the provision of export credit and investment insurance both in the public and private sectors.

It should also take into account the results of other concurrent reviews which may have a bearing on ECGD's future activities, namely the Export Finance Review, announced on 11 February 1998, Official Report, columns 218-19, the Reinsurance Scheme Review, announced 27 April 1999, Official Report, column 84 and the Risk Management Review, announced 26 May 1999, Official Report, columns 198-99.

The Review should also include a period of public consultation to seek the views of exporters, investors, lenders, private sector credit insurers and their representative bodies and other interested parties.

The Status element of the Review should be conducted in accordance with established principles for "Next Steps" reviews, taking account of any proposed change to ECGD's Mission Statement, to consider how its services can best be delivered and whether any change in the Status of ECGD would be required.

ECGD will be writing to all customers seeking their views and I very much look forward to receiving ideas and suggestions from all sections of the exporting community and, indeed, from others who have an interest in developing the role of ECGD and strengthening the partnership between Government and industry.