asked the Secretary of State for Trade if he will introduce legislation to cover bid and performance bonding procedures.
I refer my hon. Friend to the statement which my right hon. Friend made to the House on 20th February—[Vol. 886, c. 1565–72.]—ECGD is already discussing with the commercial market how it might share in the risks of raising bonds. Pending the result of these discussions ECGD will make support available under the Export Guarantees Acts to facilitate the raising of bonds for projects on cash or near cash terms. ECGD will apply its usual underwriting standards and no new statutory powers will be required.