Goff defends export office

The benefit of the Government's Export Credit Office cannot be measured just by looking at how many guarantees it has issued, Trade Minister Phil Goff says.

National MP Katherine Rich yesterday released figures showing the office (ECO) last year guaranteed deals worth far less that it cost to run the office.

The ECO cost $421,043 to run and guaranteed two deals worth $150,000. It had guaranteed only five deals in its five years of operation.

Finance Minister Michael Cullen said the office had issued indicative support and pricing for 232 transactions with a total value of $2.45 billion.

The ECO was among seven Labour "business programme flops" named yesterday by Mrs Rich. The others were Cluster Development Programme (established 2002, canned 2006), Major Events Programme (established 2000, canned 2006), Brand NZ Programme (established 2002, canned 2006), Regional Partnership Programme (established 2000, restructured 2006), Enterprise Training Scheme (established 2003, restructured 2006) and the Enterprise Development Programme. (established 2003, restructured 2006).

- NZPA