Interest Equalisation


Interest Equalisation

Finnish Export Credit Ltd (FEC) administers the Finnish interest equalisation system.

The Government of Finland is responsible for the interest support to be paid to financial institutions on the basis of the interest equalisation agreements. National interest is a prerequisite for interest equalisation.

FEC and the financial institution arranging the export credit will enter into a co-operation agreement prior to the first transaction. The financial institution shall have an investment grade rating for its funding and sufficient knowledge and experience in arranging and financing of officially supported export credits. FEC has signed co-operation agreements with a number of financial institutions.

Transactions benefitting from interest equalisation shall meet the criteria of the OECD Arrangement.

The credit is generally covered by an export credit guarantee, but the risk may also be carried by the financial institution.

For further information, please contact Finnvera’s personnel in Export Financing.



How does the interest equalisation system work?

Under the interest equalisation system a financial institution arranges for its client a fixed CIRR-based export credit. The CIRR rate will be fixed on the day of the transaction. The responsibility of funding the transaction lies on the financial institution arranging the credit. An interest equalisation agreement with FEC provides the financial institution a hedge, which converts the fixed CIRR-based receivable into a floating rate receivable.

Under the interest equalisation agreement the financial institution will pay a fixed CIRR rate to FEC and receive a floating rate (normally Euribor or Libor) plus a spread from FEC. According to the decision of the Ministry of Employment and the Economy the interest equalisation maximum spreads to be added to the reference rate are as follows:

Repayment period in years

Credit amount


under 5M€

5-25 M€

25-50 M€

over 50M€

5 or under

50 bp

40 bp

35 bp

30 bp

over 5 - 10

50 bp

45 bp

40 bp

40 bp

over 10

50 bp

50 bp

45 bp

40 bp

Main terms of interest equalisation

The export credit is arranged and funded by a financial institution. The financial institution is responsible for documentation, and shall administer the credit and its securities throughout the entire life of the credit. The credit currency is mainly euro, United States dollar or the buyer's country's currency.

FEC charges a commitment fee according to its policies and a handling fee.

Co-operational banks

FEC has signed a co-operation agreement with following financial institutions:


AKA Ausfuhrkredit-Gesellschaft m.b.H

Banco Bilbao Vizcaya Argentaria S.A.

Banco Santander S.A.

Barclays Bank Plc

Bayerische Landesbank

Citibank International Limited

Citibank N.A.

Commerzbank Aktiengesellschaft

Credit Agricole Corporate and Investment Bank Helsinki Branch

Credit Suisse AG

Danske Bank A/S

Deutsche Bank AG London Branch


Fortis (BNP Paribas) SA/NV

HSBC Bank Plc


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

Skandinaviska Enskilda Banken AB (publ)

Societe Generale

Sparebanken Vest

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

The Standard Bank of South Africa Limited

UniCredit Bank AG

UniCredit Bank Austria AG


029 460 11 (weekdays 9:00 a.m. and 4:15 p.m.)

Financial advice

029 460 2582 (weekdays 9:00 a.m. and 4:15 p.m.)

Other matters

029 460 2790 (weekdays 9:00 a.m. and 4:15 p.m.)

Helsinki Headquarters

Porkkalankatu 1

PL 1010, 00101 Helsinki

Kuopio Headquarters

Kallanranta 11

PL 1127, 70111 Kuopio

All contact information