There is growing frustration within the Irish food industry over the Government’s lack of progress in introducing a state-backed export credit insurance scheme.

Export credit insurance is a form of business insurance that covers the value of goods exported to countries or customers where there may be a risk of non-payment.

In April, the European Commission acknowledged the collapse of the private market for export credit insurance and moved to relax state-aid rules to allow member states introduce state-backed export credit insurance schemes.

The UK government introduced an export credit scheme to support transactions of up to €10bn by UK and Northern Ireland companies since April. Germany, France, Denmark, Belgium and the Netherlands introduced similar schemes.

Ireland remains the only main exporting country in Europe, including Northern Ireland, yet to introduce such a scheme.

Dairy Industry Ireland’s Conor Mulvihill said the lack of a state-backed export credit insurance scheme in Ireland was leaving Irish co-ops and farmers at a disadvantage to their EU competitors.