Finnish export credit scheme authorised
Wednesday 13 June 2012
The European Commission concluded, on 12 June, that a Finnish short-term export credit scheme is in line with EU state aid rules since it is limited to insurance cover that is not currently available on the private market and the rates charged are comparable to the pricing of similar risks by private operators. It has authorised the measure until 31 December 2012. The Finnish state agency Finnvera plc will provide short-term export credit insurance to companies established in Finland that are temporarily confronted with the unavailability of cover in the private market. Insurance cover is currently inadequate for two categories of risks: for exporting SMEs with annual export turnover of €2 million at most, and for single risk cover for risks associated with a single export transaction not covered by portfolio insurance from private insurers or cases where the cover is or includes pre-credit risk. Exporters may apply for export credit insurance from Finnvera only if a private insurer has denied cover.