For Oral Answer on : 10/02/2022
Question Number(s): 40 Question Reference(s): 6938/22
Department: Enterprise, Trade and Employment
Asked by: David Stanton T.D.
To ask the Tánaiste and Minister for Enterprise; Trade and Employment his plans to introduce an export credit insurance scheme; and if he will make a statement on the matter.
My Department regularly explores ways to assist businesses and to create an environment that stimulates their growth. This includes potentially methods which may prove useful to enterprises such as the possibility of an export credit insurance scheme.
A state supported export credit insurance scheme should only be considered where private sector insurance is unavailable and where there is a clear market failure. While my Department currently offers state supports for exporters, such as training, it is understood that export credit insurance is available from the private market.
In early 2020, in the context of the major disruptions to global trade and supply chains in the early stages of the spread of the coronavirus, my Department competed an assessment of the need for state supported export credit insurance. The assessment found that Irish insurers, as subsidiaries or branches of international insurer groups, are financially strong, and did not need to be financially supported by a Government intervention during the pandemic.
My Department has continued to monitor the export credit insurance market and in 2021 commissioned a review to assess the potential need for a state-backed export credit insurance scheme. This review involved engagement with trade credit insurers, industry and other relevant stakeholders. My officials continue to assess the findings of this review and are considering how to proceed on the matter.