My right honourable friend the Minister of State, Foreign and Commonwealth Office and Department for Trade and Industry (Ian McCartney) has made the following Written Ministerial Statement.
I am pleased to inform the House that the Export Credits Guarantee Department's pilot trading fund has been extended for a further year.
ECGD has made good progress with its work to determine under what conditions it would be right for the department to move to statutory trading fund status. This has coincided with ECGD undertaking a significant restructuring programme. Extra time is therefore required to allow ECGD to complete its testing of statutory trading fund status and to advise Ministers accordingly.