Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, with reference to the announcement by UK Export Finance on 24 May 2022 of its support for construction of the Ankara-Izmir High Speed Railway, what funds guaranteed to Credit Suisse under the Buyer Credit facility used to finance the project are outstanding as of 16 March 2023.

UK Export Finance (UKEF) has no exposure against Credit Suisse. Credit Suisse is not a buyer, or borrower, and nor is it acting as a guarantor for a buyer or borrower that is relying upon UKEF support in any transaction.

UKEF has provided its guarantee to the lenders for the Ankara-Izmir High Speed Railway project, which guarantees them against non-payment of principal and interest from the Borrower. Consequently, UKEF has no liability arising from Credit Suisse’s participation in that project.