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Thursday, 13 August 2009
Page: 4898

Senator CARR (Minister for Innovation, Industry, Science and Research) (3:01 PM) —Yesterday, Wednesday, 12 August, Senator Abetz asked me a question in regard to how much of EFIC’s current $1.1 billion national interest account has been made available to commercial entities. I seek leave to have that answer incorporated in Hansard.

Leave granted.

The answer read as follows—

Yesterday, Wednesday 12th August Senator Abetz asked me, “How much of EFIC’s current $1.1 billion National Interest Account (MA) has been made available to commercial entities or is GM Holden the only commercial entity to have been given this sort of provision?”

I have sought advice from the Minister for Trade and I can advise the Senate that all NIA transactions support Australian exports.

Depending on the nature of the transaction, the NIA exposure could be to a foreign entity, usually to sovereign borrowers, or directly to an Australian commercial entity.

Around 64 per cent of the current A$1.25 billion maximum exposure on the NIA is Government of Indonesia debt arising from funding of aid projects with Australian inputs under the now discontinued Development Import Finance Facility scheme.

Another 16 per cent per cent relates to exposure to other sovereigns. Around 4 per cent of the NIA exposure is to commercial entities. The remaining 16 per cent is the GMH facility.