EKF’s new Board of Directors begins its service on 1 July with Christian Frigast as new Chairman and Dorrit Vanglo as Deputy Chairwoman. The Board of Directors will consist of six members from the business community appointed by the Minister for Business and Growth as well as two employee representatives elected by EKF’s employees, thus EKF will no longer have civil servants on its Board of Directors.
In the new Act the separation between the business responsibility and the political responsibility for EKF’s activities is somewhat clearer, but EKF is still very much a part of the Danish state and one of Denmark’s most important export promotion tools.
EKF’s state guarantee is more explicitly expressed in the new Act. This is essential to the banks who are EKF’s most important partners. Basically it means that credits guaranteed by EKF are still attractive to banks as EKF’s guarantees continue to be zero-weighted in the bank’s balance sheet, and in this way the guarantees do not affect the regulatory capital requirements of the banks negatively.
Furthermore, with the new Act EKF changes its name from Eksport Kredit Fonden to EKF Denmark’s Export Credit Agency.
Find EKF's new legal base here