Trade Minister, Mark Vaile, today announced the re-appointment of Mr Ian Payne, as the Chairman of the Board of the Export Finance and Insurance Corporation (EFIC) for a further three-year term. EFIC is Australia's export credit agency offering export finance and credit insurance to Australian industry. "Mr Payne has brought to the position an excellent knowledge of banking and risk management skills which have been very important during his first term and will continue to be essential in years to come," Mr Vaile said. "Mr Payne's efforts have been well regarded during the difficult times encountered by Australian exporters as a consequence of the East Asian economic crisis. Mr Vaile said that EFIC was an important part of the Government's support for Australian industry. Its range of export finance and insurance products underpinned $7.6 billion of exports in the 1998-99 financial year. For much of Mr Payne's first term, the East Asian economic crisis tested fully EFIC's role of being able to take on risks that commercial insurers or financiers were not able to cover. EFIC's core focus will continue to be the provision of finance and insurance services for higher risk markets and for small to medium sized exporters who are the majority of EFIC's clients. "I look forward to continuing to work with Mr Payne. Under his Chairmanship, the EFIC Board will continue to ensure that the corporation provides internationally competitive insurance and finance services to help Australian exporters win overseas business." Before being appointed as Chairman to the EFIC Board, Mr Payne was Executive Director of the Commonwealth Bank of Australia.
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