Vol. 423 No. 1
80 Mr. Deasy asked the Minister for Industry and Commerce the amount of export credit insurance cover which was given in respect of Irish beef exported to Iraq in each of the years 1983 to 1990: and when such cover ceased to be given.
The amount of export credit insurance cover which was given in respect of beef exported to Iraq in each of the years 1983 to 1985 was as follows: 1983 — Nil; 1984 — Nil; 1985 — £5.3 million; 1986 — £4.9 million. In respect of 1987 and 1988 amounts of £41.2 million and £49.6 million respectively were purported to be covered by export credit insurance. However, as I have previously indicated to the House, an investigation into certain discrepancies between the official trade statistics for beef exports to Iraq in those years and the value of such exports declared for insurance and purported to be covered, showed that 38.4 per cent of the beef declared was sourced outside the State. This was a fundamental breach of the policies of insurance granted to the companies concerned. The insurance policies granted in respect of such exports were consequently void ab initio in accordance with the terms thereof.
No cover was provided in respect of beef exported to Iraq in 1989 or 1990. Cover for Iraq was suspended on 6 February, 1989.
