I propose to take Questions Nos. 29 and 46 together.
Section 2.1 of the Insurance Act 1953 empowers the Minister for Industry and Commerce, with the consent of the Minister for Finance, to make arrangements for export credit insurance. Under agreed arrangements, the export credit insurance scheme is administered by the Insurance Corporation of Ireland plc (ICI) as agent of the Minister for Industry and Commerce. ICI are delegated authority to underwrite export credit insurance without reference to the Minister for Industry and Commerce. However, very large export contracts and contracts in markets not on the published country gradings schedule are referred by ICI to the Department of Industry and Commerce for approval.
The Minister for Finance is of course consulted on any changes to, or policy issues affecting, the Export Credit Insurance Scheme, including any increase in the ceiling on the State's liability for export credit insurance to Iraq. Any substantial increase in that ceiling is a matter for Government decision. Within the ceiling for Iraq, the Minister for Industry and Commerce may decide, on the basis of his commercial judgment, how much export credit insurance to afford for exports to that country.
The sanction of the Department of Finance was not sought in respect of beef exports to Iraq nor are details of these exports known to my Department.
The scheme is reviewed from time to time taking into account changes in circumstances and the general issue of State's liabilities.