The two previous Fund staff studies on officially supported export credits included quantitative information on trends in credits and cover that were derived variously from data compiled by the Creditor Reporting System of the OECD and by the Berne Union from its member agencies.10 Certain shortcomings in these data were noted at the time. In particular, it was believed that the stock data were understated because of the omission or late reporting of some rescheduled debts. Also, the data were not adjusted for changes in exchange rates and, therefore, did not permit even an approximate analysis of net flows during a time of sharp realignments in the exchange rates of the major creditor countries.