## 

 
                          OPERATIONAL SELECTION POLICY OSP49 

## Records Of Uk Export Finance 1978 Onwards

 Document Authority 
 
The National Archives' Records Collection Policy was published in November 2012, and replaces the 2007 Acquisition and Disposal policy. The Records Collection Policy sets out which records the National Archives will and will not accept for permanent preservation, when they will collect them and where they will be held.  
 
Operational Selection Policies are intended to be working tools for those involved in the selection of public records. This policy may, therefore, be reviewed and revised in the light of comments received from the users of records or from archive professionals, the department's experience of using the policy, or as a result of newly discovered information. 

 
This policy is a presentation version of an Appraisal Report. Appraisal Reports have been developed to implement The National Archives' Appraisal Policy published in August 2004. They are designed to provide structured information about the responsibilities, work and records of an organisation so that appraisers can identify records of potential historical value. They provide a transparent record of decisions on the selection of records, in whatever format, for permanent preservation. Selection decisions are based on the requirement both to document the work of the organisation and to provide information about specific topics of potential long-term interest.   
 
If you have any comments on this policy please email:- 
Information.managment@nationalarchives.gsi.gov.uk or write to: Information Management and Practice Department  
The National Archives Kew Richmond Surrey TW9 4DU 
CONTENTS: 
Executive summary Section 1: Background Information Section 2: Material from the department transferred to The National Archives in the past Section 3: Analysis of the records produced by UK Export Finance Section 4: Records to be selected for The National Archives Section 5: Additional information and follow-up 

## 1. Executive Summary

Historical value of records 
 
The UK Export Finance (UKEF) is the UK's national export credit agency.  It supports British exports by providing insurance to exporters against not receiving payment from their overseas buyers and by providing guarantees to banks in respect of loans made to overseas borrowers in order to assist the purchase of UK goods and services.  UKEF also insures UK investors in oversees enterprises against loss caused by the occurrence of political risks and reinsures export credit agencies in other countries which provide support for UK exports. UKEF reports to the Secretary of State for Business Innovation and Skills but is an independent government department which derives its powers from the Export and Investment Guarantee Act 1991.  UKEF exercises its statutory powers in accordance with the financial objectives set by HM Treasury the policies set for it by the Government and international agreements which relate to the activities of national export credit agencies. 

 
The historical value of UKEF's records lies in the fact that: 
 

- 
they record the development of UKEF as an organisation, in particular over the period between 1991 and the present when various options were considered for UKEF's future and UKEF  underwent significant organisational 
change; 
 
- 
they detail the development of UKEF's policies and products in relation to the promotion of UK exports and overseas investments as well as in relation to matters such as combating corruption in export transactions and protecting the environment; 
- 
they detail UKEF's support for, and the effect of its involvement in the 
financing of, specific UK projects overseas; and 
 
- 
they describe UKEF's contribution to the UK's economy by supporting British 
exports and investments overseas.   (Although UKEF works specifically with 
only a small sector of the population nevertheless its work can have an impact on particular sectors of the economy and therefore on the prosperity of the UK). 
 
The relevance of the Acquisition Criteria 
 
The work of UKEF falls within two themes of the Acquisition Criteria: 3.1 Policy and administrative processes of the State: the formulation of policy and its execution 3.1.4 Regulation and support of economic activity by government, including industry, services, agriculture, transport, energy, trade and employment and productivity The records of UKEF are likely to have research value for the following reasons: 

- History of government's relationship with, and support for, exporters and 
business  
- History and development of government's policy on sustainable development 
and the impact of climate change issues. 
 
The records which will be selected for permanent preservation will be those policy records which document how UKEF functions, whether its functions should remain in the public sector, how it was organised, how some of its policies were developed, its relationship with its statutory advisory body and, through a selection of its case files, evidence of how its statutory duties were fulfilled. The records of the Management Board will be selected, as it is the forum where the strategic issues facing UKEF are debated and the performance objectives and framework for the organisation are agreed. During the period of the report there has been significant consideration of the existence, remit, value, structure, policies and rules of UKEF. Management, policy and project records relating to these reviews will also be selected. The records of the Export Guarantees Advisory Council (EGAC) will be selected. The EGAC is a statutory body that, since 1991, advises the Secretary of State for Business, Innovation and Skills on matters relating to the exercise of his functions under the Export and Investment Guarantees Act 1991 (as amended by the Industry and Exports (Financial Support) Act 2009)1. Most of UKEF operational work is routine but there are some projects which UKEF is asked to support which may be controversial because, for example, they involve potentially high environmental and social impacts. Such cases involve lengthy consideration of issues and can generate parliamentary and media interest. 

International agreements2, particularly the OECD 
Recommendation on Common Approaches on the Environment and Officially Supported Export Credits establish the criteria by which UKEF and other export credit agencies assess projects involving high potential environmental impacts. Such projects are notified publicly on UKEF's website. Case files which meet the criterion of having a High Potential Impact will be selected. 


## Section 1: Background Information 1.1 **Name Of Department** Uk Export Finance (Ukef) In November 2011 Uk Export Finance Became The Operating Name Of The Export Credits Guarantee Department (Ecgd) 1.2 **Type Of Organisation**

 
UKEF is a central government department established by statute which reports to the Secretary of State for Business, Innovation and Skills. 

  
1.3 **Annual budget**  
 
UKEF supports a wide range of exports and investments, issuing guarantees and insurance policies for which UKEF charges premiums, the amount of which is informed by a policy of pricing to risk, including recovery of operational costs, and an OECD agreement which has established minimum rates to be charged by official export credit agencies.  UKEF aims to operate at no cost to the Exchequer. Ministers have periodically issued assurances to Parliament that UKEF is required to break even over the long term.  
UKEF's Annual Review and Resource Accounts are available from the Department's website. 

1.4 Number of employees 
 
As at April 2014 UKEF's headcount was 252 Full Time Equivalent (FTE) staff. 

 
1.5 Records 
 
UKEF does not currently have an Electronic Document and Records Management System, and electronic records are instead held on a shared drive. There is some variation in the file/folder structure as between divisions within the Department and, therefore, UKEF has continued to adhere to a "print to paper" policy for its records. 

For the purpose of this Appraisal Report, the records to be selected will be paper records. 

 

## 1.6 **Background, Functions And Activities**

 
UKEF was established in 1919 in order to help to re-establish international trade following the First World War. Its existence was regularised by the Overseas Trade (Credit and Insurance) Act 1920. The Act gave the Board of Trade power to make arrangements for granting credits to UK persons and companies for exports to overseas parties to a limited number of countries listed in the schedule to the Act. The Export Guarantees Act 1937 amended and consolidated the Overseas Trade 
 
 
Acts 1920 - 1934 and provided similar cover to the 1920 Act. The Export Guarantees Act 1939 granted additional powers to UKEF for providing guarantees which were in the national interest and for the purpose of arranging economic assistance to countries outside the UK and established the Export Guarantees Advisory Council. The Overseas Investment and Export Guarantees Act 1972 authorised the Secretary of State to insure UK investors in overseas enterprises against loss arising from war, expropriation, restrictions and remittances and similar risks. 

The Export Guarantees and Overseas Investment Act 1978 consolidated all the previous acts and distinguished between export guarantees which were to be provided for the purpose of encouraging trade with other countries and were in connection with the export manufacture, treatment or distribution of goods and the rendering of services and guarantees and other arrangements in the national interest. The Export and Investment Guarantees Act 1991 (the EIGA) made changes to the purposes for which UKEF could exercise its statutory powers. Rather than empowering UKEF to enter into arrangements for the encouragement of trade with other countries or which were in the national interest, the EIGA permits UKEF to enter into arrangements  to facilitate, directly or indirectly, supplies by persons carrying on businesses in the UK of goods and services to persons outside the UK. It also permitted UKEF to make arrangements which, in its opinion, are in the interests of the proper financial management of its portfolio. Part 2 of the EIGA permits the Secretary of State to transfer or delegate UKEF's functions and enabled UKEF's short-term credit insurance business (known as the Insurance Services Group) to be privatised by its sale to NCM (UK), now known as Atradius in 1991. 

The Industry and Exports (Financial Support) Act 2009 made an amendment to s.1(1) of the EIGA in order to recognise a change that had taken place over a number of years in international contracting where, increasingly, project sponsors placed business with UK exporters and paid them in cash or from short-term borrowing before then seeking refinancing under  an export credit loan. UKEF had difficulty in finding the statutory power to provide support for such refinancing loans because, as the goods and services in question had been supplied, UKEF's support could no longer facilitate their supply for the purposes of s.1(1) of the EIGA. The amendment addressed this problem by replacing the requirement in s.1(1) of the EIGA for UKEF's support to facilitate exports by a requirement for it to be entered into "in connection with" UK exports from the UK, even if those exports had already taken place. UKEF's main functions are now to: 

- provide insurance to exporters of capital equipment and project related goods 
and services against non-payment by overseas buyers;  
- guaranteeing loans by banks to overseas borrowers to assist the purchase of 
goods and services from suppliers in the UK; and 
- provide insurance to UK investors against loss arising from political risks in 
relation to investments in overseas enterprises. 
 UKEF's current products are either:  

 
- financial guarantees (i.e. buyer credit facilities, supplier credit financing facilities, 
lines of credit); or - policies of insurance– (i.e. the export insurance policy, bond insurance policy 
and overseas investment insurance policy). 
In 2005, UKEF began a process of moving towards becoming a government trading fund under the Government Trading Funds Act 1973.  A notionally capitalised trading fund was introduced in April 2005 with a view to full trading fund status being achieved in April 2007, which was then extended to April 2008. Subsequently, Ministers decided that, UKEF would not become a Trading Fund but, from April 2008, would operate under a new financial framework agreed with HM Treasury. In 2009, UKEF launched a Letter of Credit Guarantee Scheme to assist UK exporters during the global downturn. The scheme was designed to increase the availability of short-term export finance by giving guarantees to UK banks who confirmed letters of credit issued by overseas banks in favour of UK exporters in order to protect those UK banks against non-payment by the overseas issuers. The scheme is intended to operate until March 2011. Also, in 2009, UKEF launched a public consultation on proposed changes to its Business Principles and ancillary policies and published a review of its anti-bribery procedures with the consultation document. The outcome was that the Government decided to make changes to UKEF's Business Principles, including adopting a policy of following international agreements when considering the environmental, social and human rights aspects of projects and exports for which UKEF's support is requested rather than operating its own separate or additional policies. 

UKEF's Direct lending Facility (DLF) was launched in September 2013. It provides loans to overseas buyers who purchase goods and services from British Exporters. The facility was originally envisaged as a backstop, designed for when the market failed to function. At the Budget in March 2014 the Facility was transformed into one of the most competitive export finance products in Europe. Its capacity was doubled to £3 billion; the interest rate was reduced to the lowest rate allowed under international obligations, along with other changes that make it easier for more firms to access the scheme. UKEF is willing to deliver lending in partnership with a private sector provider this would be a bank or suitable non-bank entity. Overall benefits is that the exporter is paid as though it has a cash contract and also the buyer or borrower has time to pay over a number of years and can borrow at very competitive fixed rates of interest. Overall the DLF is placing British based exporters on an equal footing, when compared with Europe's most competitive export credit agencies.     

## 1.7 Name Of Parent Or Sponsoring Department. If None, Minister Who Lays An Annual Report Before Parliament

UKEF is a separate government department and therefore does not have a parent department. The Secretary of State for Business, Innovation and Skills lays UKEF's annual report and accounts before Parliament.  
 

## 1.8 Relationship With Other Departments

BIS 
The Chief Executive of UKEF reports to the Secretary of State for Business, Innovation and Skills (BIS) and President of the Board of Trade and the Minister for Employment Relations, Consumer and Postal Affairs.  There is regular contact with those parts of BIS that interface with the work of UKEF. 

Shareholder Executive The Shareholder Executive was created in September 2003 to fundamentally improve the government's performance as a shareholder in government owned businesses and to provide a source of corporate finance expertise within government. It advises UKEF and Ministers on a wide range of shareholder issues such as objectives, governance, strategy, performance monitoring, board appointments and remuneration.  
 
HM Treasury UKEF may only exercise its powers under the Export and Investment Guarantees Act 1991, with the consent of HM Treasury. HM Treasury gives this consent by means of a Consent Document covering all UKEF's activities.  This consent is linked to a Financial Framework Document agreed between UKEF and HM Treasury which requires UKEF, when conducting its activities, to meet certain financial objectives and to provide regular reports to HM Treasury on the extent to which these objectives are achieved. The Consent Document and Financial Framework Document have to date been reviewed and revised annually. UKEF works closely with HM Treasury in building a strong international consensus for improvements to the official export credit system and in respect of UK debt policy through the UK's participation in the Paris Club of Official Creditors. 

 
1.9 Relationship with other agencies/NDPBs/NGOs The Export Guarantees Advisory Council The first Council was established under the Export Guarantees Act 1939 to give advice relating to general policy matters in respect of specific markets, as well as all business operations. Its successor of the same name has the remit, under the Export and Investment Guarantees Act 1991, to give independent advice to the Secretary of State on any matter relating to the exercise of his functions under the Act. Members are appointed by the Secretary of State for Business, Innovation and Skills in accordance with rules set by the Office of the Commissioner for Public Appointments (OCPA). Full terms of reference are available on UKEF's website.  In practice, the focus of the work of the Council is to give advice of the application of UKEF's ethical policies related to bribery and corruption, sustainable lending, the environmental, and social and human rights impacts of the projects it is asked to support and transparency (Freedom on Information). 

 
International Union of Credit and Investment Insurers - Berne Union 
 
The main role of Berne Union, of which UKEF was a founder member in 1934, is to facilitate cross border trade by supporting international acceptance of sound principles in export credits and foreign investment, and to provide a forum for professional exchanges amongst its members. 

The Paris Club The Paris Club is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor nations and to avoid defaults on loans made by debtors. It is composed of the OECD (Organisation for Economic Cooperation and Development) governments, of which the UK is one. The UK is represented by HM Treasury and UKEF. Although the Paris Club has no legal basis or status it provides a forum in which creditor countries can agree the basis on which the debts of a debtor country should be rescheduled after that country has approached the Paris Club. Rescheduling is a means of providing a debtor country with debt relief through a postponement (and, in the case of concessional rescheduling, a reduction in) its debt service obligations. 

 
Special Interest Groups UKEF engages with a number of such organisations (which have an active interest in the Department's work) in particular when consulting publicly on changes proposed to its services and operations. A number of civil society organisations monitor UKEF's activities and respond to public consultations. These include Amnesty, The Corner House, Campaign Against Arms Trade, WWF-UK and Jubilee Debt Campaign. 

 
As well as individual customers, UKEF engages with trade associations. The main such groups are: the British Exporters Association (BExA), an independent national trade association representing the interests the export community; the British Bankers Association (BBA), representing the interests of all banks operating in the UK, and the Confederation of British Industry (CBI), a lobby organisation that promotes the interests of UK business. These organisations are broadly supportive of UKEF's role and their members are among UKEF's customer base. 


## Section 2:  Material Transferred To Tna In The Past

 
The records at TNA date from UKEF's establishment:- 
 
ECG 1 Minutes and papers of the Export Credit Committee, the Export Credit Advisory Committee, the Export Credit Guarantee Advisory Committee and Export Guarantee Advisory Council - all external advisory bodies to UKEF  
ECG 2 Minutes of UKEF's Executive Committee ECG 3 Papers of sub-committees of the Export Credit Advisory Council and Export Guarantees Council  

## Ecg 4 Miscellanea

ECG 5 Records from the Secretariat, later the Chief Executive's Office. This series contains policy files selected to illustrate the development of the organisation, legislative changes, the introduction of schemes and loan agreements, departmental reviews, relations with the Berne Union, precedent cases, some case files concerned with the departments involvement in major overseas projects and papers of the Export Guarantee Committee  
ECG 6 Specimen forms - no records transferred - series closed ECG 7 Treasury Delegated Authorities: Copy Letters - no records transferred - 
series closed ECG 8 Transferred to ECG 5 
ECG 9 Minutes of the Comprehensive Group Board and the Insurance Services Board up to the point of the privatisation of the Group and its transfer to NCM (UK) in 
1991 
ECG 10 Copies of published Trading Accounts which later formed part of the Annual Report. 

No further reports will be added to this series (OSP36 Publications/Grey literature) 
ECG 15 - High Impact Case Files 
 

## Section 3: Analysis Of Records Produced

3.1 Committee structure within the department, including statutory committees directing the work of the organisation but independent of the department. (Table 3. 1: Key committees) 
 

Terms of reference3 
Appraisal 
Check of 
File series 
hypothesis 
quality of 
Name of committee 
information 
Select 
- 
Full 
agendas, 
Provides advice on general policy, specific 
markets 
and 
business 
minutes 
and 
papers 
external body which advises on 
general 
Export Guarantee Advisory Council 1939-1991 
policy 
and 
operations The 
Export 
Guarantees 
Advisory 
SEC 7034 A 11 
Council 
("the 
Council") 
has 
been 
Export Guarantees Advisory Council from 1991 
specific markets Select 
–
external 
advisory body which advises on the operation 
of 
UKEF business principles  
established under Section 13 of the Export and Investment Guarantees Act 1991 (as amended by the Industry and Exports (Financial Support) Act 2009) ("The Act"). Its statutory purpose is to give advice to the Secretary of State, at his request, in respect of any matter relating to the exercise of his functions under 
the 
Act. 
In 
particular, 
the 
Secretary of State is required to consult the Council in exercising his duty under Section 11(2) of the Act (in relation to reinsurance). 

                                                          

| Select                                   | -    | Full    |
|------------------------------------------|------|---------|
| 5                                        |      |         |
|                                          |      |         |
| minutes                                  | and  |         |
| papers                                   |      |         |
| highest level of                         |      |         |
| decision                                 |      |         |
| making                                   | in   |         |
| Management Board -                       |      |         |
| MB - from 2003-2004                      |      |         |
| 4                                        |      |         |
|                                          |      |         |
| (previously EGAC was                     |      |         |
| more closely involved                    |      |         |
| in operational matters)                  |      |         |
| UKEF                                     |      |         |
| as it supports                           |      |         |
| the                                      | CE   | in      |
| setting                                  |      |         |
| strategic                                | and  |         |
| governance                               |      |         |
| framework and                            |      |         |
| overall                                  |      |         |
| performance,                             |      |         |
| monitoring and                           |      |         |
| management                               |      |         |
| of UKEF                                  |      |         |
|                                          |      |         |
| The Management Board (MB) supports       |      |         |
| the Accounting Officer in the discharge  |      |         |
| of his responsibilities and has          |      |         |
| accountability to the Secretary of State |      |         |
| for Business, Innovation & Skills:       |      |         |
| a. exercising oversight of the Chief     |      |         |
| Executive and the Executive              |      |         |
| Committee;                               |      |         |
| b. monitoring the application of the     |      |         |
| principles of good governance;           |      |         |
| c .ensuring the strategic goals of UKEF  |      |         |
| are properly tested and examined;        |      |         |
| d. advising on policies and strategies;  |      |         |
| providing advice on achieving policies   |      |         |
| set by Ministers;                        |      |         |
| e. monitoring performance; assessing     |      |         |
| and monitoring enterprise-wide risks;    |      |         |
| and                                      |      |         |
| f. recommending accounting policies      |      |         |
| and the Annual Review and Resource       |      |         |
| Accounts.                                |      |         |
|                                          |      |         |

                                                          
 

| Executive                                 | Committee      | (EC)                                    | is          |          |
|-------------------------------------------|----------------|-----------------------------------------|-------------|----------|
| responsible for advising the Chief        |                |                                         |             |          |
| Executive                                 | on             | the                                     | operational |          |
| Executive Committee                       |                |                                         |             |          |
| - EC                                      |                |                                         |             |          |
| Not selected -                            |                |                                         |             |          |
| provides                                  |                |                                         |             |          |
| advice to CE,                             |                |                                         |             |          |
| makes                                     |                |                                         |             |          |
| decisions                                 | on             |                                         |             |          |
| management of UKEF's business. It         |                |                                         |             |          |
| supports the Chief Executive in the       |                |                                         |             |          |
| discharge of his responsibility as the    |                |                                         |             |          |
| Accounting                                | Officer        | for                                     | the         | overall  |
| organisation,                             | performance    | and                                     |             |          |
| management of UKEF                        |                |                                         |             |          |
| within                                    | the            | policy                                  | and         | resource |
| operational                               |                |                                         |             |          |
| activities.                               |                |                                         |             |          |
| Important                                 |                |                                         |             |          |
| operational                               |                |                                         |             |          |
| issues will be                            |                |                                         |             |          |
| discussed                                 | by             | framework set by Ministers and policies |             |          |
| on which Management Board (MB)            |                |                                         |             |          |
| have provided advice.                     |                |                                         |             |          |
| Management                                |                |                                         |             |          |
| Board                                     |                |                                         |             |          |
|                                           |                |                                         |             |          |
| Audit Committee                           |                |                                         |             |          |
| Not selected -                            |                |                                         |             |          |
| decisions                                 |                |                                         |             |          |
| referred                                  | to             |                                         |             |          |
| Management                                |                |                                         |             |          |
| Board                                     |                |                                         |             |          |
| The role of the Audit Committee is to     |                |                                         |             |          |
| assist and advise the Accounting Officer  |                |                                         |             |          |
| in relation to his responsibility for     |                |                                         |             |          |
| matters of financial reporting, including |                |                                         |             |          |
| the production of annual Resource         |                |                                         |             |          |
| Accounts, and issues of risk, internal    |                |                                         |             |          |
| control, governance and associated        |                |                                         |             |          |
| assurance. The Audit Committee is a       |                |                                         |             |          |
| sub-committee of the Management           |                |                                         |             |          |
| Board.                                    |                |                                         |             |          |
|                                           |                | BSIC is responsible for ensuring that   |             |          |
| UKEF's                                    | investment     | in                                      | business    |          |
| systems, processes and infrastructure     |                |                                         |             |          |
| is                                        | well-targeted, | well-managed,                           | in          |          |
| Business Systems and                      |                |                                         |             |          |
| Infrastructure                            |                |                                         |             |          |
| Committee - BSIC                          |                |                                         |             |          |
| Not selected -                            |                |                                         |             |          |
| operational                               |                |                                         |             |          |
| committee                                 | -              |                                         |             |          |
| decisions                                 |                |                                         |             |          |
| referred to EC                            |                |                                         |             |          |
| accordance with strategies and policies   |                |                                         |             |          |
| and is expected to represent value for    |                |                                         |             |          |
| money.                                    |                |                                         |             |          |
|                                           |             | Not selected -                        |
|-------------------------------------------|-------------|---------------------------------------|
| operational                               |             |                                       |
| committee                                 |             |                                       |
| considering                               |             |                                       |
| risks                                     | at          |                                       |
| Risk Committee (RC)                       |             |                                       |
| from October 2004.                        |             |                                       |
| Work previously was                       |             |                                       |
| the remit of the Market                   |             |                                       |
| Committee (early                          |             |                                       |
| 1990s - 2004)                             |             |                                       |
|                                           |             |                                       |
| RC is responsible for advising the Chief  |             |                                       |
| Executive on the effective management     |             |                                       |
| of UKEF's credit risk exposures at the    |             |                                       |
| case specific and portfolio level, and in |             |                                       |
| accordance with policies set out in       |             |                                       |
| UKEF's Credit Risk Policy Statement       |             |                                       |
| (CRPS). RC is responsible also for        |             |                                       |
| ensuring that credit risks are properly   |             |                                       |
| monitored                                 | and         | controlled                            |
| portfolio level–                          |             |                                       |
| see proposed                              |             |                                       |
| selection                                 |             |                                       |
| criteria                                  | for         |                                       |
| UKEF's processes and systems.             | case files  |                                       |
|                                           |             | ISAC is responsible for ensuring that |
| the information required for UKEF's       |             |                                       |
| business                                  | operations, | systems                               |
| Information Security                      |             |                                       |
| Assurance Committee                       |             |                                       |
| (ISAC)                                    |             |                                       |
| processes are appropriately secured in    |             |                                       |
| accordance                                | with        | UKEF's,                               |
| Not selected -                            |             |                                       |
| operational                               |             |                                       |
| committee                                 | -           |                                       |
| decisions                                 |             |                                       |
| referred to EC                            |             |                                       |
| regulatory                                | and         | central                               |
| requirements.  It is a sub-committee of   |             |                                       |
| the Executive Committee.                  |             |                                       |
|                                           |             |                                       |

## 3.2 Areas Of Policy Work Undertaken In The Department

 Table 3.2: Policy work in the department 
 
Type of policy 
Yes / No 
Notes 
Appraisal comments 
Records to be selected from UKEF 
Primary legislative (and related consultative documentation) 
 
Yes 
UKEF, working closely with colleagues from BIS and HMT, develops primary legislation affecting the statutory functions of the Department.  
Not selected - UKEF a 
contributor only - lead with 
international and other organisations 
Department represents the 
UK Govt at international conferences/ on European or International bodies 
 
Yes 
UKEF contributes to any collective Export 
Credit Agencies issues as the UK's representative on the OECD export credits committees and working parties, represents UK at Berne Union and Paris Club 
Records to be selected from UKEF 
Secondary legislation (and related consultative documentation) 
Yes 
UKEF, working closely with colleagues from BIS and HMT develops secondary legislation 
affecting the statutory functions of the 
Department. 
Not to be selected  
Department issues advice and guidance 
Yes 
Via Guidance Notes for  UK exporters and banks  
Department develops nationwide strategy documents (below White Paper status but above operational level) 
No 
UKEF develops policy which has an impact on a specialist audience (all export businesses) i.e. bribery and corruption, sustainable development.  It Undertakes consultations which may lead to policy and rule changes e.g. support for foreign content 
Select project files on reviews of policy, remit and role (see also significant policy issues below) 

## 3.3 Operational Work Undertaken By The Department Table 3.3: Operational Work Of The Department And Records Created

| Type of                   | Is the work            | Is the work    | Do appeals    |
|---------------------------|------------------------|----------------|---------------|
| activity                  | record                 |                |               |
| created                   |                        |                |               |
| captured                  |                        |                |               |
| through a                 |                        |                |               |
| database?                 |                        |                |               |
| captured                  |                        |                |               |
| through                   |                        |                |               |
| publications              |                        |                |               |
| go elsewhere              |                        |                |               |
| (e.g. BIS,                |                        |                |               |
| independent               |                        |                |               |
| results                   |                        |                |               |
| captured in               |                        |                |               |
| the Annual                |                        |                |               |
| (see 6 below)             | panel?                 | Report?        |               |
| Underwriting              | cases                  | in             |               |
| response to applications  |                        |                |               |
| ACBS                      |                        |                |               |
| system                    |                        |                |               |
| Yes                       | Case file and          |                |               |
| folder                    |                        |                |               |
| arranged                  | by                     |                |               |
| market                    | for                    |                |               |
| Paris                     | Club                   |                |               |
| No                        | N/A                    | Total          |               |
| payments                  |                        |                |               |
| and analysis              |                        |                |               |
| by business               |                        |                |               |
| sector                    |                        |                |               |
| Although large sums of    |                        |                |               |
| money can be involved     |                        |                |               |
| most cases are routine    |                        |                |               |
| and will not be selected. |                        |                |               |
| High Potential Impact     |                        |                |               |
| Cases where potentially   |                        |                |               |
| high                      | social,                |                |               |
| cases and for             |                        |                |               |
| guarantee                 |                        |                |               |
| business                  | by                     | environmental  | and           |
| project                   | development            | impacts        |               |
| are                       | likely                 | will           | be            |
| selected (see 5.1)        |                        |                |               |
| As above                  | Handling claims        | Yes            | Case file and |
| folder                    |                        |                |               |
| arranged                  | by                     |                |               |
| Treasury                  |                        |                |               |
| management                |                        |                |               |
| ,                         | FREF,                  |                |               |
| market                    |                        |                |               |
| No                        | N/A                    | Total          |               |
| payments                  |                        |                |               |
| and analysis              |                        |                |               |
| by business               |                        |                |               |
| sector                    |                        |                |               |
| GEFCO                     |                        |                |               |
| claims                    |                        |                |               |
| databases                 |                        |                |               |
| As above                  | Supporting finance and |                |               |
| arranging insurance, re-  |                        |                |               |
| insurance                 | and                    |                |               |
| Yes                       | Case                   |                |               |
| file/folder               |                        |                |               |
| arranged                  | by                     |                |               |
| guarantees against loss   | project                |                |               |
| As above                  | No                     | N/A            | Total         |
| payments                  |                        |                |               |
| and analysis              |                        |                |               |
| by business               |                        |                |               |
| for UK businesses       | sector.        | List                      |
|-------------------------|----------------|---------------------------|
| of                      |                |                           |
| guarantees              |                |                           |
| and                     |                |                           |
| insurance               |                |                           |
| policies                |                |                           |
| issued  with            |                |                           |
| maximum                 |                |                           |
| liability               | for            |                           |
| each                    |                |                           |
| exporter/mar            |                |                           |
| ket                     |                |                           |
| Providing,              | guidance,      |                           |
| information and support |                |                           |
| No                      | Printed and on |                           |
| website                 |                |                           |
| N/A                     | N/A            | Not selected in line with |
| OSP                     | 36             |                           |
| Yes                     | Booklets,      |                           |
| brochures,              |                |                           |
| pamphlets               |                |                           |
| Publications/Grey       |                |                           |
| Literature              |                |                           |
3.4 Categories of electronic systems (Table 3.4 Categories of electronic 
systems) System Yes/No 
Yes (SharePoint) Electronic Document and Records Management System 
No Enterprise Content Management System 
Yes Shared Drives 
Yes 
 
Personal drives 
Yes (SharePoint) Collaboration systems 
Yes Email systems 
Yes, see table below Datasets including GIS 
No CAD systems 
No Wikis Blogs 
Yes. Chief Executives blog on the intranet 
Case management systems 
Yes. ARCHi for paper record 
file 
management. For other case 
management 
systems see Datasets below  
Yes Portable media (laptops, blackberries, memory sticks etc) 
Yes HR and Finance systems 
No Digital audio, film and photograph collections Other (please state) 
 
 
Table 3.4.1 Systems and Databases 
 
Name of 
Purpose database serves in 
Information contained 
database 
Department 
of historical value 
ACBS 
- 
No 
(Advanced Commercial 
Industry standard commercial banking system. Manages the transactions (loans and claims information) at both the pre- 
| and                                       | post-issue                            | stages.                                   | Following    | a         | Banking    |
|-------------------------------------------|---------------------------------------|-------------------------------------------|--------------|-----------|------------|
| System)                                   | by                                    |                                           |              |           |            |
| Fidelity                                  |                                       |                                           |              |           |            |
| planned change to systems architecture in |                                       |                                           |              |           |            |
| Summer 2010, henceforth ACBS will only    |                                       |                                           |              |           |            |
| contain data related to issued cases      |                                       |                                           |              |           |            |
| ARID                                      | -                                     | UKEF's                                    | Information  | Database. | Main       |
| Analysis and                              |                                       |                                           |              |           |            |
| Reporting                                 |                                       |                                           |              |           |            |
| Information                               |                                       |                                           |              |           |            |
| Database                                  |                                       |                                           |              |           |            |
| source of data for UKEF's corporate       |                                       |                                           |              |           |            |
| reports. Following a planned change to    |                                       |                                           |              |           |            |
| systems architecture in Summer 2010       |                                       |                                           |              |           |            |
| ARID will be replaced with CEDAR (see     |                                       |                                           |              |           |            |
| below),                                   | UKEF's                                | new                                       | Information  |           |            |
| Database.                                 |                                       |                                           |              |           |            |
| No                                        | UKEF's General Ledger. Main source of |                                           |              |           |            |
| information                               | for                                   | the                                       | financial    | reports,  |            |
| CODA                                      |                                       |                                           |              |           |            |
| general                                   |                                       |                                           |              |           |            |
| ledger                                    | (by                                   | including UKEF's Annual Accounts.         |              |           |            |
| CODA                                      |                                       |                                           |              |           |            |
| Financials)                               |                                       |                                           |              |           |            |
| No                                        | ECAMS                                 | Used by to manage exposure and capital    |              |           |            |
| adequacy in relation to UKEF's financial  |                                       |                                           |              |           |            |
| targets.                                  |                                       |                                           |              |           |            |
| CAPRAM                                    | Pricing Model for UKEF's Business.    | No                                        |              |           |            |
| No                                        | Credit                                |                                           |              |           |            |
| Explorer                                  |                                       |                                           |              |           |            |
| Risk modelling and management tool,       |                                       |                                           |              |           |            |
| enables monthly reports of expected loss  |                                       |                                           |              |           |            |
| and capital funding.                      |                                       |                                           |              |           |            |
| No                                        | MAGNUS                                | Precursor to the ACBS system, this legacy |              |           |            |
| system was used to manage UKEF's          |                                       |                                           |              |           |            |
| portfolio.                                | MAGNUS                                | has                                       | been         | fully     |            |
| decommissioned, with all relevant data    |                                       |                                           |              |           |            |
| migrated to the replacement corporate     |                                       |                                           |              |           |            |
| systems.                                  |                                       |                                           |              |           |            |
| No                                        | SUMMIT                                |                                           |              |           |            |
| (Misys plc)                               |                                       |                                           |              |           |            |
| UKEF's treasury management system.        |                                       |                                           |              |           |            |
| Supports UKEF's FREF products.            |                                       |                                           |              |           |            |

 
3.4.2 Website(s) 
  
Under the Web Continuity project the website will be archived three times a year as per OSP27 UK Central Government Web Estate. UKEF's website is fully compliant with relevant standards set by the Information Commissioner relating to Freedom of Information. UKEF's website was transferred to a new, more technically advanced platform in the summer of 2010. 

 
3.4.3 Intranet 
 
The content on the intranet is not sophisticated, containing only simple staff information such as policies, departmental structures, information on travel and subsistence etc. There is the Chief Executive's blog but no wikis. The intranet will not be selected. 

 

## 3.5 Publications Produced By The Organisation

| Types of                                 | Preservation       | Appraisal notes                         |
|------------------------------------------|--------------------|-----------------------------------------|
| publications                             | strategy           |                                         |
| Standards                                | N/A                |                                         |
| Inspections                              | N/A                |                                         |
| On                                       | intranet           | and                                     |
| practice                                 | website            |                                         |
| Guidance notes for products and services |                    |                                         |
| available to UKEF's                      |                    | customers - working                     |
| tools - not to be selected               |                    |                                         |
| N/A                                      |                    | Training manuals,                       |
| curricula                                |                    |                                         |
| Annual reports                           | At British Library | Printed and deposited at BL - not to be |
| selected                                 | (                  | OSP                                     |
| Literature                               | )                  |                                         |
| Research reports                         | N/A                |                                         |
| Main                                     | output             | is                                      |
| public                                   | information        |                                         |
| e.g.                                     | museums,           |                                         |
| archives                                 |                    |                                         |
| Trade                                    | journals           | At British Library                      |
| publications were discontinued in 2007.  | ('ECGD News' and   |                                         |
| 'Global Exporter')                       |                    |                                         |
| Newsletters                              | None needed        | Newsletters                             |
| developments, changes, achievements -    |                    |                                         |
| not to be selected                       |                    |                                         |

 
3.6 Scientific records 
 
None 
 
3.7 Significant policy issues for the period of appraisal (see also section 
1.6: Background, functions and activities) 
 
Records concerned with the management of all the following reviews will be selected.  
 
Policy issues for the period of this report have centered on both the type of work UKEF should be undertaking and the way in which UKEF carries out its business. UKEF became a re-insurer in 1991 following the privatisation of UKEF's Insurance Services Group (ISG) which was responsible for the provision of export credit insurance for exports of consumer durables, components, raw materials etc normally sold on short term credit. UKEF provided re-insurance to NCM, the new owner of ISG. A review of the provision of this facility was undertaken in 1999 when market conditions changed and business interest declined. One of the key conclusions of the Mission and Status Review (1999-2000) 
was that UKEF should develop and publish a statement of Business Principles which would guide its practice and policies in the following areas:- 
Business, Sustainable Development and Human Rights, Transparency, Business Integrity and Developing Countries. The 2003 OECD Statement on Combating Bribery in Officially Supported Export Transactions required export credit agencies to take certain measures to deter corruption in export transactions which they support.  The revised anti-corruption procedures which UKEF introduced in response to this Statement formed the subject of a lengthy public consultation running from the start of 2005 until mid-2006. The procedures resulting from that consultation were introduced in July 2006. The UK Sustainable Development Strategy committed all central government departments to producing a Sustainable Development Action Plan before 2005. In UKEF's particular case the action plan (finalised in 2007) focused on its opportunities to influence sustainable development through working alongside other Export Credit Agencies and in multi-lateral international fora. In 2009 UKEF launched a Letter of Credit Guarantee Scheme to assist UK exporters during the global downturn. The scheme was designed to increase the availability of short-term export finance by giving guarantees to UK banks who confirmed letters of credit issued by overseas banks in favour of UK exporters in order to protect those UK banks against non-payment by the overseas issuers. The scheme continues to operate. Also in 2009 UKEF launched a public consultation on proposed changes to its Business Principles and Ancillary Policies to bring them in to line with internationally applied standards, as well as publishing a review of its antibribery procedures. UKEF subsequently adopted a new statement of mission and principles. In 2014 work commenced to change EIGA legislation to give UKEF more flexibility in delivering certain sorts of support that might be valuable to UK exporters 
 
3.8 Internal administration records 
 
Operational Selection Policy 38 on Records of Internal Administration states that as well as records selected from the "lead" departments records concerned with reforms may be selected from "non-lead" departments if the impact is significant. Issues of this nature in UKEF's case centered on the possibility of its privatisation and abolition. Although these issues would be considered by the department at a strategic, board, level there was also detailed consideration at a review or project level.  
 

- In 1984 Sir Peter Matthews recommended that UKEF should become a 
government owned public corporation that provided insurance and financial services and to do so at a profit. The Government did not accept this although a further review was undertaken to explore the scope for change in the organisation to increase private sector 
involvement. - The Kemp Review which ultimately led to the sale of Comprehensive 
Insurance Group in 1991. 
 
- A Mission and Status Review took place between 1999 and 2000 and 
examined the department's current aims, objectives, role and status taking into account its relationship with the government's wider 
objectives. The review concluded that there was a sound business case for retaining UKEF but that its mission and recommended 
business principles should be consistent with wider government objectives.  
 
- In 2001 the Government proposed that UKEF should operate as a 
government trading fund.  UKEF operated a pilot trading fund from April 2005but this idea was abandoned by Ministers in 2007.  In April 2008, it was decided that UKEF would operate under a new financial 
framework agreed with HM Treasury.   
 
- Records relating to these changes to the structure and role of UKEF 
will be selected. The closure of the Cardiff Office and the relocation of staff to London as part of the drive for greater efficiency in 2006 were also significant. 
- Records relating to the relocation and funding arrangements will be 
adequately covered in the Management Board records which will be 
selected.  

## Section 4.  Records To Be Selected For The National Archives

The following records will be selected:- 
 
Committees The records of the Export Guarantees Advisory Council - Agenda, Minutes and Papers The records of the Management Board - Agenda, Minutes and Papers 
 
Policy work Project/policy records relating to reviews of UKEF's remit role, status, policies 

January 2015 
       
     29 
       

 
and rules Operational records 
 
Case files which meet the criterion of having a High Potential Impact under UKEF's case impact analysis process SECTION 5. ADDITIONAL INFORMATION AND FOLLOW-UP  

## 

5.1 Additional Checks Case Files 
 
Each case file has a unique number. Case files for projects with a High Potential Impact can run to many parts. This is because several divisions in the department would make a contribution to the project according to their function and each would create separate parts of the file. A typical file might contain parts covering:- 
 

1. Control - requests for cover 2. Campaigns 3. Resettlement of inhabitants - possible outcome if project proceeds 
4. Briefings 
5. Correspondence 
6. Reports 7. Consultants' contracts 8. Environmental Impact Assessments - public comments 
9. Cultural heritage 10. 
Consultancy reports 
11. 
Legal Advice 
12. 
 NGOs Environmental matters 
13. 
Select Committee 
 
There is a main file, consisting of perhaps 6 parts, which contains the most important documents for the project. However, it is considered that in order to have a full understanding of all aspects of the project all parts should be selected. 

## Osps

 
There is no OSP which relates directly to UKEF. However, the Appraisal report is in line with the OSPs on Publications and Grey Literature (OSP 36) 
and Internal Administration (OSP 38). 

 
Quality of committee minutes and papers 
 
A full set of agendas, minutes and papers has been maintained for the 

## Selected Committees. File Series For The Selected Records

- Export Guarantees Advisory Council - SEC 7034 and A 11 
- Management Board - SP3 - Reviews of status, policy, remit and role, policies and rules - SR and 
SEC 71 and 77 series 
- High Impact Case files –Facility/Deal/Guarantee number 
 
5.2 Impact on records of other departments Records of the Shareholders Executive's oversight of UKEF will be selected from BIS.  
 
5.3 Follow-up The Report will be reviewed and updated at least every three years and earlier if there are any major changes to the functions of the department or when there are any significant records management reviews or an EDRMS is introduced.