Nora Owen
Ceist:34 Mr. Owen asked the Minister for Industry and Commerce if he will outline the current position concerning the privatisation of the export credit insurance system which up to now has been handled by the State.
Written Answers. - Export Credit Insurance System.
The Government decided last year to restructure the export credit insurance and finance schemes with a view to reducing State involvement and encouraging greater participation by the private sector in the provision of export credit cover. The effect of the Government's decision, which was taken on foot of an in-depth review of the schemes carried out by independent consultants, is that the State is no longer providing export credit insurance cover for short term commercial risk business but is continuing, on a very selective basis, to provide cover for political risk and medium-term project risk business. The latter cover can be sought through the Insurance Corporation of Ireland, which administered the export credit schemes since 1971 as agent of the Minister for Industry and Commerce. Short-term commercial risk insurance cover is available on the company's own account.