	u k bankers consider new ecgd financing plan representatives of major u k based banks are meeting here today to consider a new plan for reducing the cost of financing british exports guaranteed by the export credits guarantee department ecgd senior banking sources said the plan is being developed in conjunction with the ecgd and the bank of england neither the ecgd nor the bank of england would comment on the plan however bankers said one of the main points under discussion is a plan to refinance the bulk of the ecgd s medium term credit portfolio in the international capital markets the proposals involve introducing a set of  margins on ecgd backed debt of to pct depending on the size and maturity of the credit and the currency the banks are likely to push for a higher margin bankers said that while these rates would reduce a bank s return they would still be more than those proposed about a year ago when the government attempted unsuccessfully to initiate another cost reduction plan at the same time the banks would be expected to allow the ecgd to realise additional savings by refinancing existing government backed credit in the capital markets on credits that are refinanced an original lender would receive a residual margin of pct for loans up to mln stg and pct on larger transactions reuter 
