Finnvera will be able to provide short-term export credit guarantees for exports to Greece until 30 June 2015
Based on its own risk assessments, Finnvera may continue to provide short-term export credit guarantees for exports to Greece until 30 June 2015. The special status of Greece among the EU Member States is based on the decision of the EU Commission to continue to exclude Greece from the list of countries for which Finnvera cannot provide short-term export credit guarantees (risk period less than two years) in a normal market situation. The Commission decision will remain in effect until 30 June 2015.
Under the Communication on short-term export credit insurance, which is based on the EU competition legislation and which entered into force in 2013, public credit insurance institutions may not guarantee marketable risks (risks that private insurance companies are prepared to guarantee).
According to the Communication, in a normal market situation, Finnvera may not provide guarantees with a risk period of less than two years (manufacturing + credit repayment period) to following countries:
- EU Member States (Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, France, Germany, Greece, 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
The EU Commission has also granted Finland an exemption concerning short-term export guarantees to all countries listed above. Read more