Finnvera can cover short-term credit risks for marketable risk countries as a part of the measures due to the corona virus crisis
Finnvera can grant new short-term guarantees for the marketable risk countries such as EU countries and certain western industrialised countries as a part of the measures due to the corona virus crisis. Private credit insurance companies are still the primary source of credit insurance for these countries, and Finnvera’s role is to complement the market. Finnvera's guarantee coverage in credit insurance is 90 percent.
As a part of the Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak, the EU Commission has announced the above countries as temporarily non-marketable until the end of 2020. Consequently, the official export credit agencies of the EU countries are able to temporarily provide ST credit insurance as one way to address the impacts of the corona virus crisis. Comparable measures were in place in Finland after the financial crisis of 2008.
Finnvera can grant new short-term guarantees for the following marketable risk countries until 31.12.2020:
Austria, Bulgaria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Italy, Ireland, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom, Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland, USA
Normally, due to EU state aid rules, the official Finnish export credit agency Finnvera can’t grant guarantees with a risk period of less than 2 years (manufacturing period + repayment period) to the so-called marketable risk countries.
In marketable risk countries, Finnvera applies a 90% guarantee coverage in credit insurance (Export Receivables Guarantees and Receivables Purchase Guarantees). Guarantees can be applied through Finnvera's Online Service. Finnvera assesses all buyer companies on a case by case basis and will be able to accept only financially strong buyers.
Tuukka Andersén, Vice President, Head of Underwriting, tel. +358 29 460 2688, [email protected]
Pekka Karkovirta, Vice President, International Relations, tel. +358 29 460 2768, [email protected]
Eeva-Maija Pietikäinen, Head of Trade Finance, tel. +358 29 460 2674, [email protected]