The introduction of a product guaranteeing reimbursement of UK confirming banks under letter of credit arrangements
Open date: 08 May 2009
Closing date: 03 Jul 2009
Response date: 07 Aug 2009
Consultation ref: PC2009/01
This page provides details about the starting date, closing date, background, purpose and documents on the consultation on the introduction of a product guaranteeing reimbursement of UK confirming banks under letter of credit arrangements by the Export Credits Guarantee Department (ECGD).
All the documents are available in to download in portable document format (PDF). Go to Accessing PDF documents, which you can find on the right hand side of this page, for more information on how to view our PDFs.
Background
As a result of the dislocation of the global financial markets during 2009, and the economic downturn, the government proposed that help should be given to exporters getting security of payment by their buyers. It proposed that ECGD should provide support to banks who confirm letters of credit.
Audience
Exporters and banks using ECGD’s services, trade associations and special interest groups.
Purpose of the consultation
The purpose of the consultation is to get views from interested parties on whether, and what basis, ECGD should make a letter of credit guarantee scheme available to banks. The consultation includes specific proposals about the design of the scheme, and how international agreements that relate to environmental impacts and bribery should be applied to the scheme.
Consultation documents
Consultees responses
Download the government response
