08 December 2010
EU’s temporary crisis measures on short term export credit insurance is a modification of the rules governing member states’ cover of transactions with credit periods below two years within the EU and the OECD. This temporary escape clause makes it possible for EKF to help Danish export by means of reinsuring the private credit insurance companies.
Since March 2009 EKF has successfully reinsured Danish companies’ short term export transactions. At the end of September 2010 more than 450 export companies had joined the scheme and EKF’s total exposure on the reinsurance scheme was DKK 1.5 billion.
EKF’s reinsurance scheme expires at the end of 2010 but EKF is working on an extension of the scheme. An extension requires an approval by the European Commission to use the prolongation of the temporary crisis measures to also extend the reinsurance scheme. EKF is expecting a decision from the European Commission before the end of the year.
For further information on EKF’s reinsurance scheme please contact senior underwriter Lars Smed Jensen on +45 35 46 61 54.
For further information on EKF’s work with the European Commission please contact head of International Relations, Mariane Søndergaard-Jensen on +45 35 46 61 15, or by e-mail: email@example.com