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Government Guarantees

Volume 888: debated on Monday 17 March 1975

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asked the Secretary of State for Trade if he will outline the criteria applicable in deciding whether a Government guarantee should be provided with the approval of the Export Credits Guarantee Department or under the Industry Act 1972.

The operation of the Industry Act is a matter for my right hon. Friend the Secretary of State for Industry. The criteria for ECGD guarantees involve the exercise of ECGD's underwriting judgments. Guarantees are given either under section 1 of the Department's Act where, after consultation with the Export Guarantees Advisory Council, the business is accepted as "commercial", or, under Section 2 if business is considered to be in the "national interest".