§ Mr. HoyleTo ask the Secretary of State for Trade and Industry if she will make a statement on the results of ECGD's consultation on the establishment of a trading fund. [35050]
§ Ms HewittIn July 2000, the then Secretary of State for Trade and Industry announced a target date for establishing a Trading Fund by 1 April 2002. In September, I launched a public consultation document on the establishment of a Trading Fund. I have today placed a copy of the report on the outcome of the consultation before the Libraries of both Houses.
The systems needed to operate the Trading Fund are not yet fully in place and have yet to be adequately tested. I have therefore decided that the original target date is no longer appropriate. In doing so, I have taken account of the responses received to the consultation, as well as a range of operational factors.
I remain committed to the preferred course of capitalisation in the longer term. In the meantime, ECGD is giving priority to its business and systems. I shall make a further announcement in due course.