Brussels, 05/08/2009 (Agence Europe) - The European Commission has authorised, under EC Treaty state aid rules, a measure adopted by Germany to limit the adverse impact of the current financial crisis on export firms. 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 market-oriented remuneration and tackles the problem of the current unavailability of the short-term export credit insurance cover in the private market. The Commission authorised the measure until 31 December 2010.
The German state export credit insurance scheme, managed by a Consortium consisting of Euler Hermes and PricewaterhouseCoopers, will provide short-term export-credit insurance to companies established in Germany, where such cover is unavailable in the private market for financially sound export transactions. To receive insurance under the scheme, a considerable proportion of the risk needs to be retained by the exporter, to ensure that only sound transactions are covered. (O.J.transl.rt)