Next year Finnvera can no longer insure short-term export transactions to Western industrialised countries

This year Finnvera can still 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 is in force until the end of 2011. Extension of this permission cannot be sought.

All credit insurance agreements made by virtue of the temporary permission expire automatically on 31 December 2011. We encourage our clients who have such credit insurance agreements to be prepared for the change and to be active in seeking insurance cover from the private sector.

In this respect, 2012 will be a problematic year for Finnish export companies. Finnvera has made this message clear to the European Commission.

Finnvera has commissioned a study to chart the overall situation of the Finland’s private credit insurance market. The results of the ongoing study are expected in November. 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.

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.

Additional information:

Eeva-Maija Pietikäinen, Vice President, tel. +358 20 460 7279
Taru Eskelinen, Senior Adviser, tel. +358 20 460 7126
Benita Salenius, Senior Adviser, Head of Team, tel. +358 20 460 7342