Brussels, 20/04/2009 (Agence Europe) - On Monday 20 April, the European Commission gave its approval to a measure adopted by Luxembourg to limit the negative consequences of the current financial crisis on its exporting companies. The Luxembourg authorities notified the European Commission of this measure in the framework of the communication of the Commission on short-term export credit insurance and in reference to the temporary framework of the Commission on State aid to favour access to funding, against the backdrop of the current economic and financial crisis, modified on 25 February 2009. Under Luxembourg's regime, the export credit agency Ducroire Luxembourg will offer export credit insurance over and above insurance taken out with a basic private insurer. Ducroire will be able to provide additional credit limits when evidence of excessive reduction or refusal of credit limits by private insurers exists. The granting of these limits by Ducroire will be based on an analysis of the underlying risk by the private insurer and on an additional analysis carried out by Ducroire. As this regime is of a limited scale and duration - with a budget of €25 million - the Commission takes the view that it is compatible with the principles which govern the single market. (O.L./transl.fl)