"
For Stone
MA FURNESS,
/or
e
Thank you.
In hulle
400/ com cantham
26:21
HKB 182/3
рно
PHD" ла..
25 Nuv 1991
FROM: T Furness
Hong Kong Department
DATE: 22 November 1991
Mr Stone 25/11
Mr Ricketts Mins
Caithnes
PS/Lord Caithness
ta
cc: Sir J Coles
Mr Bayne,
Mr Burns
Mr Bone, ERD
Para 3 is very revealing.
Useful in discussin with Gov.
MAJOR HONG KONG PROJECT WORK: BRITISH INTERESTS
1.
You asked in the context of Peter Heap's letter of
8 November to Mr Burns (copy attached) what COFACE are offering in terms of credit cover and how this compared with
ECGD facilities.
2.
ECGD say that in principal COFACE offers the same range
of facilities as they do, ie guarantees to the (French)
Banking System who provide loans to finance project work.
OECD consensus rules (which are agreed by the credit
agencies) lay down the rules by which they operate and
include for example the length of the loan period, and the
proportion of the loan which can consist of aid. However
the consensus rules do not cover premium rates or the
availability and extent of credit in any particular market,
and neither are credit agencies obliged to divulge these
details to outsiders.
ALKABM/1
1154