Fixed Rate Export Finance Scheme

HC Deb 30 March 1999 vol 328 c576W

Ms Keeble

To ask the Secretary of State for Trade and Industry if he will make a statement on the future of ECGD's Fixed Rate Export Finance Scheme. [79666]

Mr. Wilson

Over the past year, the Government have been undertaking a fundamental review of ECGD's financing support for UK exports, including the FREF arrangements which have been scheduled to expire on 31 March 1999. The review has included a formal consultation process and follow-up work involving ECGD, Treasury and Bank of England officials as well as representatives from the UK exporting community. A number of options are being evaluated. More time is needed to complete the review and for ECGD to negotiate with the banks an appropriate successor to the current scheme. The current arrangements are, therefore, being rolled forward for a further 6 months.