France to transfer export credit programmes to Banque d’Investissement Publique

(Les Echos, Paris, 23 February 2015) It was a tough start to the week and an eventful year for Coface. The government said Monday that it planned to withdraw the management of public export guarantees from Coface to entrust them to the Banque publique d'investissement (Bpifrance). This is to bring its financing tools to boost exports of French companies together under one roof. At Bercy, the decision has not yet been taken officially but reflection "on the future of public guarantees for export, involving more than 12,000 French exporters" is well underway. It should be completed before the end of the year.

(COFACE, Paris, 23 February 2015) The French government has announced that it is reviewing a change in the management of public export guarantees from Coface SA. which  has managed state export credit insurance activity since 1946. Coface is reimbursed for its costs incurred plus compensation which amounted in 2014 to 59,9M , or about 4% of its total turnover. Coface will engage in discussions with the state which will focus on the relevance of such a decision, as well as on the legal, social, financial and operational consequences of this move, should it be adopted.