Vol. 402 No. 7
11 Mr. Deasy asked the Minister for Industry and Commerce if he will give details of the Iraq export credit insurance scheme; the cost to the Government of the scheme for each year to date; the companies covered by the scheme; and the amount of cover each company has received yearly to date.
Iraq is one of a large number of countries for which cover has been provided under the export credit insurance scheme. This scheme is operated on my behalf by the Insurance Corporation of Ireland and is designed to give exporters protection against non-payment by foreign buyers. Cover for Iraq was suspended in early 1989 because of the high level of payments which were then overdue to Irish exporters. No new liabilities have been underwritten in that market since then.
The export credit insurance scheme operates on the basis that exporters pay a premium for the insurance they receive. To date the operation of the scheme in relation to Iraq has not resulted in any net cost to the Exchequer. It would be virtually impossible for me to give the Deputy details of the number of companies that have held export credit insurance for Iraq since the inception of the scheme in 1971. A single comprehensive policy covering one company's export turnover might cover 150 buyers in 15 markets at any one time.
I can tell the Deputy, however, that since 1983, approximately 13 companies have held export credit insurance for Iraq at one time or another. It has never been the practice to disclose the names of companies availing of the scheme or to give details of the amount of cover they received. This is confidential information relating to the commercial operation of the companies concerned. Its disclosure would be inappropriate and would not be in the best interests of the companies concerned.
I can understand that the Minister does not want to give the names of companies but is it correct that some company received a higher cover than the Goodman Group?
In Iraq?
Yes.
No.
