Brussels, 17/12/2009 (Agence Europe) - On Thursday 17 December, the European Commission authorised a measure adopted by Austria to limit the adverse impact of the current financial crisis on exporting firms. The purpose of the Austrian scheme is to provide through Oesterreichische Kontrollbank AG (Austria's main provider of financial and information services to the export industry and the capital market) short-term export-credit insurance coverage to exporters established in Austria who are temporarily confronted with an unavailability of cover in the private market as a result of the financial crisis. The coverage will be available only for financially sound transactions with buyers in certain countries. In addition, the scheme provides reinsurance for insurance companies. The Commission found the measure to be in line with its temporary framework for state aid measures to support access to finance in the current financial and economic crisis. In particular, the measure requires a higher remuneration than that offered by the private market and tackles the problem of the current insufficiency of the short-term export credit insurance cover in the private market. The Commission authorised the measure until 31 December 2010. (O.L./transl.jl)