To ask Secretary of State for International Trade, what value of bonds the Government holds in Burntisland Fabrications.
UK Export Finance (UKEF) supports UK exports by providing insurance, guarantees and loans. It does not hold bonds in Burntisland Fabrications.
In 2016-17 UKEF issued a £17million guarantee to the Royal Bank of Scotland for a performance bond* to a Dutch company, Seaway Heavy Lifting in support of Burntisland Fabrications’ supply of fabrication work for the Beatrice Offshore Wind Farm. This guarantee is extant. UKEF publishes details of its support on an annual basis in its Annual Report and Accounts which is presented to Parliament and on its website.
* A performance bond safeguards one party of a contract against the failure of the other party to meet obligations specified in the contract.