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Refinance Credits

Volume 653: debated on Friday 9 February 1962

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asked the Chancellor of the Exchequer whether, in view of the advantages for United Kingdom exporters, the increased earning of invisibles, and the need, particularly in a European context, to offer in London a complete range of financial facilities, he will now allow refinance credits.

Yes. I have requested the Bank of England to allow refinance credits of up to 180 days in respect of sterling area exports. This additional credit facility should be of benefit to United Kingdom exports, in cases where the buyer requires short-term credit but the seller expects cash payment and is unwilling to draw a bill himself.