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Export Credits (Long-Term Contracts)

Volume 654: debated on Monday 19 February 1962

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asked the President of the Board of Trade whether he will now take action to increase the percentage of Export Credits Guarantee Department cover in the case of longer-term contracts.

Yes. We are now prepared to raise the percentage of cover to 100 per cent. in respect of certain contracts involving credit terms of three years or more once they have run trouble-free for two years from completion of the order. This will be known as the Full Percentage Facility. E.C.G.D. is issuing details this afternoon, and I am arranging for copies of its announcement to be placed in the Library of the House.