Northern Bank has today announced that it will be the first local bank in Northern Ireland to back UK Export Finance’s new Bond Support Scheme – the government initiative which it says should extend the opportunities available to aspiring exporters here.
UK Export Finance is the UK’s official export credit agency, providing a range of services which complement the private sector through the provision of assistance to exporters and investors. These services come principally in the form of insurance and guarantees to banks, the latest of which is the Bond Support Scheme.
Northern Bank Head of Trade and Export Finance Ruth Graham explained: “We are increasingly seeing customers - particularly in construction and related sectors - seeking out new export markets in efforts to maintain and grow their business amid ongoing challenging economic times. With this comes increasing customer demand for trade finance-related bond and guarantee products to support their export activity, often required by buyers in foreign jurisdictions before signing a contract.
By partnering with UK Export Finance to offer this Bond Support Scheme credit risk is effectively shared between the bank and UK Export Finance. As a consequence we expect to be able to provide greater levels of export support to both new and existing customers.”
Niall Harkin, Northern Bank Senior Corporate Banking Manager continued: “Similar schemes have already been actively embraced by our sister banks in the Danske Group and have proven to be hugely successful.
“Export has been identified as one of the essential components of sustainable economic recovery and long-term growth in the draft Northern Ireland Economic Strategy and, as a leading local bank, Northern Bank is strongly committed to supporting this strategy by making it more straightforward for aspiring and experienced exporters achieve their full potential in the coming months and years.
“Our partnership with UK Export Finance is just one example of this commitment and we look forward to welcoming more exporting customers in the near future as we continue to open doors to new markets for businesses in Northern Ireland.”
Patrick Crawford, Chief Executive of UK Export Finance welcomed Northern Bank’s participation in the Scheme, saying: “Today’s announcement by Northern Bank is good news for exporters in Northern Ireland. The UK Export Finance Bond Support Scheme has already proven to be a great success, covering exports worth more than £70 million so far to countries such as Saudi Arabia, Pakistan and China.
“Northern Bank’s support for the Scheme is a clear demonstration of its appetite for export business and its strong commitment to supporting exporters in Northern Ireland.”
For more information about the Bond Support Scheme, contact UK Export Finance on
020 7512 7887 or visit ukexportfinance.gov.uk