30.04.2012

Finnvera is now able to grant short-term export credit guarantees for exports to Greece

By virtue of the Communication issued by the European Commission on short-term export credit insurance, it has not been possible to grant short-term export credit guarantees (risk period under two years) for exports to countries listed as marketable risk countries. In its amended Communication of 20 April, the Commission has now excluded Greece from the list of marketable risk countries. This means that, based on its own risk assessment, Finnvera will also be able to grant short-term export credit guarantees for export projects to Greece. Finnvera will pay special attention to the exporter’s experiences of payments and will require up-to-date information on the buyer for credit risk assessment.

The Communication on short-term export credit insurance, based on EU competition legislation, entered into force in 1997. The Communication prohibits public export credit insurers from guaranteeing marketable risks, i.e. risks that private insurance companies are ready to guarantee.

According to the amended Communication, in a normal market situation, Finnvera cannot grant guarantees with a risk period of under two years (manufacturing + credit repayment period) for exports to the following countries:

• the EU Member States except Greece (Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, France, Germany, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom)
• Australia
• Canada
• Iceland
• Japan
• New Zealand
• Norway
• Switzerland
• United States of America