(Global News Wire, Helsinki, 26 February 2019) Demand for export credits has increased in recent years. At the same time, our need for funding has increased and, in 2018, a total of EUR 2.4 billion was acquired from the capital market. To balance funding and asset management, Finnvera prepaid loans associated with the temporary export credit system of 2009–2012 to the State, amounting to EUR 1.5 billion. Finnvera’s total exposure at the end of 2018 was EUR 25.6 billion, of which drawn guarantees and credits accounted for EUR 12.2 billion. Approximately half of the exposure relates to binding financing offers or agreements that are related to future deliveries by export companies, and thus they do not create credit risks for Finnvera yet. These arrangements typically consist of buyer financing for cruise ships, the delivery times of which are long. In the long term, the drawn exposure will remain clearly below our total exposure. For potential future losses, we have so far accumulated EUR 1.8 billion reserves as the result of our operations.
Finland
Nord Stream 2 negotiating ECA loans worth 6 bln euros
(TASS, Vienna, 29 January 2019) Nord Stream 2 AG, the operator of the Nord Stream 2 gas pipeline construction project, is conducting negotiations to attract project financing worth 6 bln euros. Chief Financial Officer Paul Corcoran told reporters “We are still in discussions with export credit agencies.” The Nord Stream 2 pipeline is expected to come into service at the end of 2019. The pipeline is set to run from the Russian coast along the Baltic Sea bed to the German shore. It will go through the exclusive economic zones and territorial waters of five countries – Russia, Finland, Sweden, Denmark, and Germany, thus bypassing transit countries of Ukraine, Belarus, Poland and other Eastern European and Baltic states. Each of the pipeline’s two stretches will have a capacity of 27.5 bln cubic meters. The total cost of the project has been estimated at 9.5 bln euro. Nord Stream 2 AG, with Gazprom being the only shareholder, is the operator of the Nord Stream 2 pipeline construction project. Gazprom’s European partners in the project are Germany’s Wintershall and Uniper, Austria’s OMV, France’s Engie and Royal Dutch Shell.
Finnvera Group’s Interim Report for January-September 2015
(Global News Wire, Copenhagen, 29 October 2015) During the period under review, the volume of export credit guarantee offers given by Finnvera was 52 per cent greater than in the corresponding period in 2014. As concerns financing offers for export credits, the figure was over two times greater. The volume of loans and guarantees granted to SMEs and enterprises larger than the SME definition applied by the EU was 31 per cent greater than the year before.
Finnvera Group’s Interim Report for January-June 2015
(Globe Newswire, Helsinki, 13 August 2015) Finnvera’s mandates and tasks have expanded on several occasions during last year and the current year. In the period under review, it became possible for Finnvera to guarantee the refinancing of export credits granted by banks. This arrangement promotes the acquisition of funds for financing exports.
European Commission publishes 2012 report on member ECA actvities
(European Commission, Brussels, 7 March 2014) Regulation (EU) No 1233/2011 of the European Parliament and of the Council of 16 November 2011 on the application of certain guidelines in the field of officially supported export credits foresees that Member States shall make available to the Commission an Annual Activity Report in order to step up transparency at Union level. The Commission produces an annual review for the European Parliament based on this information and the present annual review covers the calendar year 2012. Annual Activity Reports have been received from the following Member States: Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Hungary, Italy, Luxemburg, Netherlands, Poland, Portugal, Romania, Slovenia, Slovak Republic, Spain, Sweden and the United Kingdom.
