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Export Credits Guarantee Department |
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The Export Credits Guarantee Department, part of the Department of Trade and Industry, guarantees that companies and banks involved in an export deal will not lose out if the overseas government does not pay, or makes late payments. The ECGD charges the companies a premium and aims to break even, but, in the last resort, any shortfall comes from the UK tax-payer. ECGD and arms exportsArms exports account for a disproportionate amount of total export credits. Whilst they account for around 2% of visible UK exports, they absorb about 30% of all ECGD support. BAE Systems has recently received far more cover for its exports than any other company. The arms companies need Export Credit Guarantees for their wares. Without the Guarantees, many arms deals would be too risky for the companies concerned, and would not happen. Not only in the UK ..Many organisations, in the UK and beyond, work on export credit issues and more information can be found at Export Credit Agency Watch. The European Network Against Arms Trade has undertaken research into the role of Export Credit Agencies in supporting military exports in eleven European countries. A summary of this research and the full report, published in July 2007, are available. |
Campaign Against Arms Trade, 11 Goodwin St, Finsbury Park, London N4 3HQ
Tel: +44-(0)20 7281 0297 | Fax: +44-(0)20 7281 4369