ECGD undertook a review of its cover policy for Iran in December 2005. Taking account of the prevailing risk outlook, cover capacity was reduced in order to contain growth in exposure. Cover is decided on a case-by-case basis and priority is given to UK goods and services. More recently, an arrangement has been made whereby Ministers will be consulted before cover is committed for any particular transaction.
Representatives of HM Government have been consulting European Union member states in the light of the Council Common Position (2007/246/CFSP) dated 23 April to clarify the applicability of UN Security Resolution 1747 to the provision of export credits to Iran.
ECGD has received 153 applications for export credits to Iran in the last five years. The following table details how many applications were received in each of the financial years.
Financial year Number of applications 2002-03 26 2003-04 50 2004-05 33 2005-06 24 2006-07 20 Total 153