Under the FEC financing scheme Finnish Export Credit Ltd (FEC) provides financing for long term export and ship credits to ensure the competitiveness of Finnish exporters.
FEC and the financial institution arranging the credit will enter into a co-operation agreement prior to the first financing transaction. Supplemental agreements will be made in connection with every single transaction. By such supplemental agreements the credit will be assigned and transferred to FEC.
The financial institution has an important role in the arrangement of financing an export transaction and thus the financial institution is required to have an investment grade credit rating for its long term funding and sufficient knowledge and experience in arranging and financing officially supported export credits. FEC has signed co-operation agreements with a number of financial institutions.
Transactions financed by FEC shall meet the criteria of the OECD Arrangement.
FEC financing is always covered by a guarantee issued by Finnvera.
For further information, please contact Finnvera’s personnel in Export Financing.
The credit is arranged by a financial institution and assigned to FEC upon signing of the credit agreement. The financial institution is responsible for documentation and shall administrate the credit and Finnvera’s guarantee throughout the entire life of the credit.
FEC may finance the OECD term credits in euros or the United States dollars. The interest rate of the credit is either a floating rate (Euribor or USD Libor) or a fixed rate (CIRR). FEC charges a margin above the base rate chosen by the borrower.
FEC charges a handling fee and a commitment fee according to its policies.
FEC financing can be applied for by the exporter or the mandated financial institution for and on behalf of the exporter or the buyer. Application for FEC financing must be filed before the supply contract is signed.
FEC financing is applied for by an application which is sent to applications.eca (at) finnvera.fi.
FEC has signed a co-operation agreement with following financial institutions:
ABN AMRO Bank N.V.
AKA Ausfuhrkredit-Gesellschaft m.b.H
Banco Bilbao Vizcaya Argentaria S.A.
Banco Santander S.A.
Barclays Bank Plc
Citibank International Limited
Credit Agricole Corporate and Investment Bank Helsinki Branch
Credit Suisse AG
Danske Bank A/S
Deutsche Bank AG London Branch
DNB Bank ASA
Fortis (BNP Paribas) SA/NV
HSBC Bank Plc
HSBC Bank USA, N.A.
ING Bank N.V
JPMorgan Chase Bank, N.A.
Jyske Bank A/S
KfW IPEX-Bank GmbH
Mizuho Bank Ltd.
Nordea Bank Finland Plc
Raiffeisen Bank International AG
Standard Chartered Bank
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Banking Corporation Europe Ltd
Svenska Handelsbanken AB (publ.)
The Bank of Tokyo-Mitsubishi UFJ, Ltd
The Hongkong and Shanghai Banking Corporation Limited
The Royal Bank of Scotland Plc
UniCredit Bank AG
UniCredit Bank Austria AG