Finnvera can no longer insure short-term export transactions to Western industrialised countries
In 2012, Finnvera can no longer grant guarantees for export transactions to EU Member States and other Western industrialised countries when the payment term is under two years. The European Commission’s temporary permission will expire on 31 Decmeber 2011.
All credit insurance agreements made by virtue of the temporary permission expire automatically on 31 December 2011. We encourage our clients to be active in seeking insurance cover from the private sector.
Finnvera can continue to insure export transactions to Western industrialised countries provided that the payment term is two years or longer. For other countries, such as Russia, credit insurance is granted as usual, regardless of the payment term.
Finnvera has continuous discussions and change of information about the situation of the Finland’s private credit insurance market with the Ministry of Employment and the Economy and the EU Commission. The Commission has launched its own study of the credit insurance market so as to be able to revise the Communication on short-term export credit insurance during 2012. We will inform promptly about possible changes in the Communication.
Benita Salenius, Senior Adviser, Head of Team, tel. +358 20 460 7342
Eeva-Maija Pietikäinen, Vice President, tel. +358 20 460 7279
Taru Eskelinen, Senior Adviser, tel. +358 20 460 7126