With reference to the recent provision of $52 million in guarantees to Incat:

(1) (a) What is the nature of the $52 million guarantee; and (b) what are the guarantees terms and conditions.

(2) Where is the money coming from.

(3) Why was the money provided.

(4) (a) Who sought the money; (b) when was the money sought; (c) what process was used to decide that the money should be provided; and (d) who made that decision.

(5) Have similar guarantees been provided to other companies in the past 12 months; if so, can a list be provided, including: (a) the name of the company; (b) the amount of money; (c) the terms of the guarantee; and (d) the reason for approving it.

(6) Have other companies applied unsuccessfully for similar guarantees in the past 12 months; if so, can a list be provided, including: (a) the name of the company; (b) the amount of money; and (c) the reasons for refusing it.

(1) (a) The guarantee is in the form of performance bonds, provided to the purchaser of a vessel and assigned to a commercial bank funding the purchase;

(b) The terms and conditions of the specific guarantee are confidential, but consistent with the standard product provided by EFIC (details on the EFIC website).

(2) The funding for the purchase of the vessel was provided by a commercial bank. The performance bonds are contingent liabilities.

(3) The performance bonds were provided to assist the commercial bank to fund the purchase of the vessel.

(4) (a) The application for EFIC performance bonding was made by Incat;

(b) The application to EFIC was lodged in November 2002;

(c) EFIC referred the application to the Minister for Trade for determination pursuant to Section 27 (2) of the Export Finance and Insurance Corporation Act 1991;

(d) The Minister for Trade, following consultation with the Prime Minister, the acting Prime Minister and other relevant Ministers.

(5) Yes. Performance bonding is a standard EFIC product. Details of facilities provided by the Corporation are published in its Annual Report, with the appropriate level of disclosure of terms and conditions. EFIC publishes the information specified by the EFIC Act regarding National Interest facilities, including National Interest performance bonds, quarterly in the Gazette.

(6) Yes. A list of unsuccessful applications cannot be provided, as the information is confidential.