New refinance facilities for export and shipbuilding credits

Quarterly Bulletin 1969 Q3
Published on 01 September 1969

In May 1969 new arrangements were agreed between the Bank of England and the London clearing and Scottish banks governing the Bank of England facilities for refinancing medium and long-term export credit and lending for domestic shipbuilding. The new arrangements consolidate two of the earlier refinancing schemes and replace the third one. They also incorporate certain modifications to those earlier schemes agreed upon in principle in November 1968, the main effect of which is to provide the clearing and Scottish banks with automatic access to refinance where fixed rate lending for exports3 and shipbuilding is absorbing more than a defined share of their total resources.

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