§ Dr. CableTo ask the Secretary of State for Trade and Industry for what reason total managed expenditure for the Export Credits Guarantee Department is planned to fall from £0.9 billion in 1999–2000 to zero in 2003–04; and if he will reconcile this planned fall with the figures provided in the 1998 Comprehensive Spending Review. [132797]
§ Mr. CabornTotal managed expenditure for the Export Credits Guarantee Department almost entirely consists of the refinancing of previously issued export finance loans.
The net figure falls from £0.9 billion in 1999–2000 to zero in 2003–04 because the level of repayments on previously re-financed loans is projected to rise progressively to equal the forecast level of new refinancing advances.
It is not possible to reconcile with the figures in the 1998 Comprehensive Spending Review as the refinancing programme did not commence until after the Review.