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Exports Minister, Mike Freer, delivers keynote speech at the UK Trade and Export Finance Forum

Greensill Bank's office in Bremen Credit: Markus Hibbeler /Bloomberg  Bloomberg reports prosecutors are raiding the offices of Greensill bank, the lender that collapsed recently with billions of debts. The homes of five suspects in Bremen were also raided by prosecutors investigating accounting irregularities, the publication said. Bloomberg has the details:   Searches in the bank’s offices started last week and are continuing, said Frank Passade, a spokesman for prosecutors. Investigators on Tuesday also raided the homes of some of the five suspects in the probe. “The...

Taxpayers underwrite £600m loan to Nissan UK Export Finance guarantees bank loan to support Sunderland plant as it plunges to £544m annual loss 21 April 2021 • 11:58am Nissan’s giant Sunderland plant has been given almost £500m of taxpayer backing after the company’s British manufacturing arm reported a huge annual loss as output plunged because of lockdowns. Accounts filed with Companies House show Nissan Motor Manufacturing UK agreed a £600m, five-year loan with a syndicate of banks understood to be led by HSBC in December, which is 80pc underwritten by UK Export Finance (UKEF). U...

Analysis On 31-Dec-2020 IAG announced that its subsidiary British Airways had received commitments for a GBP 2 billion five-year term loan facility underwritten by a syndicate of banks. On 8-Jan-2021 easyJet announced a GBP1.4 billion five year facility, also underwritten by a syndicate of banks. The unusual feature in both loans is that they are partially guaranteed by UK Export Finance (UKEF), an arm of the UK government. Such loan guarantees to UK exporters mark a strategic shift for the UK's export credit agency towards more direct support. In the past, its support has typically been indi...