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Guaranteed Export Finance Corporation

Volume 498: debated on Monday 26 October 2009

To ask the Minister of State, Department for Business, Innovation and Skills for what reasons the accounts of Guaranteed Export Finance Corporation plc do not meet the individual criteria for consolidation in the Government Financial Reporting Manual, as referred to in note 37 of the resource accounts of the Export Credits Guarantee Department for 2008-09. (292970)

With regard to ECGD’s 2008-09 Resource Accounts, Guaranteed Export Finance Corporation plc fell outside the departmental accounting boundary as defined in section 2.4 of the Financial Reporting Manual (“FReM”) with which ECGD is required to comply in its preparing Resource Accounts. On this basis, ECGD was not required to consolidate Guaranteed Export Finance Corporation plc into its Resource Accounts.

To ask the Minister of State, Department for Business, Innovation and Skills what the implications are for the Export Credits Guarantee Department (ECGD) of the ownership of Guaranteed Export Finance Corporation plc by two charitable trust companies, as referred to in note 37 to the resource accounts of the ECGD for 2008-09. (292971)

The ownership of the Guaranteed Export Finance Corporation plc by two charitable trusts has no implications for ECGD’s 2008-09 Resource Accounts. The nature of the transactions between ECGD and Guaranteed Export Finance Corporation are as described in note 37 to ECGD’s Resource Accounts for 2008-09.