Dutch Government: Export Credit Insurance is not a foreign policy instrument

(Both ENDS, Amsterdam, 28 June 2007) In response to questions in Dutch parliament regarding official support for exports to Iran, the Dutch Minister of Finance expressed the opinion that export credit insurance is not a foreign policy instrument. Official export credit support is not yet part of UN-sanctions against Iran. It is stated that most EU member states still offer export credit insurances for transactions in Iran.

Data

The Dutch Ministry of Finance offers the following figures in its response to parliament:

The total exposure on Iran is € 573,3 million, of which € 477,9 million relates to policies of transactions dating from before 2006. In 2006 new risks have been insured for an amount of € 27,5 million, and in 2007 so far transactions for a total amount of € 68 million have been reinsured.

A comparison of these data with the transaction data published on the website of Atradius DSB shows some significant differences. Atradius DSB is reporting reinsurance of one transaction in 2006 for an amount of € 7,8 million, and for 2007 three transactions with a total value of € 28,9 million.

Politics or transparency

The difference between the data of the Ministry of Finance and Atradius are € 19,7 million (71%) for 2006 and € 39,1 million (57%) for 2007 (until now). Contrary to the ex-post transparency policy of Atradius DSB - in force since July 2002 - no transaction related information appears to be published in the last two years for more than half of its new portfolio. One wonders what other reasons could exist for this lack of transparency, if not politics.

For further information, please contact:

Both Ends
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1018 VC Amsterdam,
The Netherlands
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