Temporary permission for Finnvera to insure short-term exports to Western industrialised countries under strict conditions
The European Commission has granted Finnvera permission to insure short-term exports to Western industrialised countries. These exports can be insured only in two cases where the Commission identified shortcomings on the market:
- when the applicant is a Finnish SME with a total annual export turnover of at most two million euros;
- when the risk is associated with a single export transaction which is not covered under a portfolio insurance from private insurers or when the risk includes pre-delivery risk.
Finnvera can only insure transactions in cases where a private insurer has denied cover. Finnvera assesses the buyer’s creditworthiness according to its normal risk appraisal practice.
The permission is valid until the end of 2012, after which the Union’s current framework of rules will be replaced by a new one.
The temporary permission applies to following countries:
- EU countries except for Greece (Austria, Bulgaria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Italy, Ireland, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom)
- Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland, USA
Read also: Export > Export Credit Guarantees > International co-operation > European Union
Additional information:
Senior Adviser Taru Eskelinen, +358 29 460 2670
Vice President Eeva-Maija Pietikäinen, +358 29 460 2674
Head of Trade Finance Benita Salenius, +358 29 460 2715
The European Commission’s press release on this topic:
