asked the Minister for Industry and Commerce if he will make a statement regarding the EEC proposals for export credit guarantees and the Government's views thereon.
Ceisteanna—Questions Oral Answers. - Export Credit Insurance.
105.
The State scheme of export credit insurance in operation in this country provides combined political and commercial credit risks cover and is broadly comparable with similar schemes in the member countries of the Community and in Britain and Denmark.
The Community has adopted three directives. Two of these provide for the adoption of a common credit insurance policy for medium and long term transaction involving public and private buyers. The third directives provides for the harmonisation of certain provisions of the policies covering short term transactions.
These directives have not yet come into force in the Community. The effect of their implementation will be to bring the system of export credit insurance in the member countries more closely into line. Implementation will involve the adoption of new forms of policies of export credit insurance for medium and long term transactions and some modifications in existing forms of policy used for short term transactions. To give us time to effect the changeover to the new forms of policies, we obtained in the negotiations transactional periods of one year for the adoption of the Community directives on the harmonisation of specific cover for export contracts on long and medium terms of credit, and two years for the adoption of the directive on harmonisation of provisions of the short term policies.