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Export Credits Guarantee Department

Volume 130: debated on Thursday 31 March 1988

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To ask the Chancellor of the Duchy of Lancaster if he will reinstate Export Credits Guarantee Department cover to Nicaragua; and if he will make a statement.

Cover is available for short term business (up to 180 days credit) subject to the security of confirmed irrevocable letters of credit. The position on cover for medium-term business is kept under review.

To ask the Chancellor of the Duchy of Lancaster which Central and South American countries are currently covered by the Export Credits Guarantee Department.

Some cover is currently available, subject in some cases to payment security, for all Central and South American countries except Argentina.

To ask the Chancellor of the Duchy of Lancaster when Nicaragua ceased to be covered by the Export Credits Guarantee Department; and how long cover had been provided prior to its cessation.

Medium-term cover for Nicaragua was withdrawn in October 1978 because of the economic problems caused by the war and the acute shortage of foreign exchange. Prior to that date such cover had been available over a continuous period. Short-term cover (up to 80 days) remain available subject to the security of confirmed irrevocable letters of credit.