Coface warns of increase in insolvencies

He warned: "For the UK the level of insolvencies of Coface, and as far as we know our competitors, is low at the moment. It is low at an absolute level because companies which had to fail already failed.

"They are low relative to the premium because during the crisis premium increased. We do not expect this positive situation to last indefinitely [just] as during the crisis we were confident that the horrible situation in which we were would not last for eternity."

Mr Denecker struck an upbeat