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Overseas Assets

Volume 990: debated on Monday 4 August 1980

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asked the Secretary of State for Trade if he will estimate the financial loss to United Kingdom companies resulting from political frustration of overseas export or project contracts, such as the unfair calling of performance bonds or bank guarantees over the past 10 years.

This information is not available. However, the vast majority of United Kingdom companies which obtain major export contracts and projects insure them with the Export Credits Guarantee Department and are thus protected against the major part of financial loss on such contracts arising from political frustration. In addition, the private market and ECGD offer a range of facilities providing cover against the unfair calling of bonds. ECGD's "Trading Results", copies of which are available in the Library, give some information about business covered and claims paid in recent years.