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What's New! Vol.
8, No. 10
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October 2009 - What's New! Indices - 2005 2006 2007 2008 2009
"What's New!" is a periodic update to keep you informed of the latest on the ECA Watch website. What's New! features a wide range of materials related to the reform of Export Credit Agencies (ECAs) including NGO publications and releases, news articles, commentaries and announcements about the policies and practices of ECAs and ECA-financed projects world-wide. If you would like to receive "What's New!" simply add your e-mail to the ECA-Action list at www.eca-watch.org today! Questions? Email info-at-eca-watch.org
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1) |
UK Export credit scheme bypasses international environmental & corruption standards |
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2) |
EU approvals of short-term official export credit continued to be in the news this month |
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State Aid: Commission approves Dutch export-credit insurance scheme |
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EC approves changes to Danish short-term export-credit insurance scheme |
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French short-term export-credit insurance scheme approved by the EC |
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EU clears German export-credit insurance scheme |
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China's short-term export credit insurance covers $60 billion in 1st nine months |
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BAE prosecution for corruption |
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Berne Union AGM in Seoul |
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Nabucco pipeline consortium seeks ECA funding |
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US ExIm Bank hits 75 year high in fiscal 2009 |
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7) |
SACE/Gazprom/Nord Stream |
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8) |
Etihad Airways completes ECA guaranteed transactions |
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View Back Issues of What's New |
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| 1. |
UK Export credit scheme bypasses international environmental and corruption standards |
(The Corner House, Dorset, 30 October 2009) In a letter to the Corner House dated 9 October 2009, ECGD stated that it does not propose to request undertakings from exporters regarding the environmental, social and human rights impacts of projects which it supports financially, claiming that since there will be no contractual relation with the overseas buyer/borrower, they have no control over a project's performance.
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| 2. |
EU approvals of short-term official export credit subsidies continued to be in the news this month |
As noted in our July What's New, moves by OECD export credit agencies to shore up short-term lending gaps from private banks have resulted in approval by the European Commission for a number of exemptions to rules prohibiting subsidies.
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State Aid: Commission approves Dutch export-credit insurance scheme |
| (EU Monitor, Brussels, 2 October 2009) The European Commission has authorised, under EC Treaty state aid rules, a Dutch measure to provide insurance coverage to exporters who are unable to obtain cover from the private market as a result of the current financial crisis. |
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B. |
EC approves changes to Danish short-term export-credit insurance scheme |
| (EU Monitor, Brussels, 29 October 2009) The European Commission Thursday approved a plan by the Danish government to provide short-term credit insurance to Danish exporters. An earlier plan to help Danish exporters find insurance has proved insufficient, the commission said. "Sufficient proof has been provided that the necessary cover has become unavailable on the private insurance market as a consequence of the financial crisis and that the premiums are aligned to those of the private market," the commission said. |
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C. |
French short-term export-credit insurance scheme approved by the EC |
| (Government Monitor, Miami, 5 October 2009) The European Commission has authorised, under EC Treaty state aid rules, a French measure aimed at limiting the adverse impact of the current financial crisis on export firms. |
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EU clears German export-credit insurance scheme |
| (EU Monitor, Brussels, 5 August 2009) As noted in our August issue, the EU authorised a measure adopted by Germany to limit the adverse impact of the current financial crisis on export firms. The scheme would be managed by a consortium that includes PricewaterhouseCoopers. |
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China's short-term export credit insurance covers $60 billion in 1st nine months |
| (Xinhua, Beijing 5 October 2009) China Export and Credit Insurance Corporation (CECIC) said Monday the short-term export credit insurance (ECI) it had undertaken during the first nine months this year totaled 60 billion U.S. dollars, a 200 percent year-on-year increase. |
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BAE prosecution for corruption |
| (CAAT & The Corner House, UK, 1 October 2009) Campaign Against Arms Trade (CAAT) and The Corner House have welcomed the decision of the Director of the UK’s Serious Fraud Office (SFO) to begin prosecution proceedings against BAE Systems for alleged corruption and false accounting in its arms sales to at least four countries - Czech Republic, Romania, South Africa and Tanzania. An SFO investigation of allegations of bribery in BAE Saudi arms deals supported by official UK export credits was dropped in December 2006, although many investigations continue to be pursued around the world. |
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Berne Union AGM in Seoul |
| (Berne Union, London, 29 October 2009) Members of the Berne Union met in Seoul Korea 12-16 October 2009 and noted that there are signs of recovery from the financial crisis. Copies of the 2009 Annual Report (PDF) are available on their web site. |
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Nabucco pipeline consortium seeks ECA funding |
(Reuters, Vienna, 22 October 2009) The Nabucco pipeline consortium has started detailed talks with investors
and will have a lending plan for the 7.9 billion-euro ($11.8
billion) pipeline in place next year. Nabucco has leaned more towards international financing institutions and export credit agencies for funding than commercial banks with the onset of the financial crisis. The consortium had previously planned to raise around a third of the debt each from commercial banks, export credit agencies and global bodies such as the EBRD. Meanwhile ECAs are expected to guarantee half of the loans for the similarly controversial Nord Stream pipeline.
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US Export-Import Bank hits 75 year high in fiscal 2009 |
(ECA Watch, Ottawa, 28 October 2009) An Ex-Im Bank press release reports that in FY 2009 it provided more financing than ever before in its history due to increased reliance on public financing due to the global economic crisis. However, the press release misleadingly boasts that Ex-Im Bank support for a photovoltaic manufacturer pushed it past its previous annual financing record, while omitting that applications for fossil fuel-related transactions are skyrocketing, and that in recent years renewable energy transactions represented less than 2% of its overall energy portfolio. |
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SACE/Gazprom/Nord Stream |
| .(Reuters, Milan, 29 October 2009) Italy's state export credit agency SACE said on Thursday its had approved a guarantee for a 408 million euro ($601 million) loan to Russia's Gazprom to buy and build gas treatment facilities as part of the Nord Stream project. |
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| 8. |
Etihad Airways completes ECA guaranteed transactions |
| (ATW News, 2 October 2009) Etihad Airways completed its first European export credit agency-guaranteed transactions covering $233 million to finance the purchase of two A340-600s. In the first deal, HSBC Bank, acting as the mandated lead arranger, lender, facility agent, security trustee and hedge provider, will furnish financing valued at $122 million to the airline over 12 years. The second $111 million agreement was signed with Landesbank Baden-Wuerttemberg, which acted as mandated lead arranger, lender, facility agent and security trustee. Debt placement for this deal was undertaken by SkyBlue Capital LLC. Both loan facilities are guaranteed by the UK ECGD with re-insurance provided by France's Coface and Euler Hermes of Germany. |
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