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Banks: Finance

Volume 495: debated on Wednesday 1 July 2009

To ask the Minister of State, Department for Business, Innovation and Skills what steps he is taking to encourage banks to participate in the Export Credit Guarantees Department guaranteed finance packages. (268609)

Since the start of 2009, the Government have introduced a number of initiatives which will provide real help to exporters, as well as other businesses, during the current economic downturn. These have included the Working Capital Scheme, and ECGD is currently consulting with banks as well as exporters on proposals for a Letter of Credit Guarantee Scheme. The Government are considering other measures to provide real help to UK exporters, including a possible export trade credit insurance scheme along the lines of that announced for domestic business in the Budget which will address the cash flow, credit and investment needs of businesses. The Government have and will continue to involve the banks in its initiatives.