18 May 2011
The temporary measure cannot be prolonged which means that from 1 January 2012 EKF will no longer be able to grant new limits or extend existing limits in the reinsurance scheme on buyers in the following countries:
For existing limits, shipments until and including 30 June 2012 will be covered under the reinsurance scheme. Shipments taking place after this date will not be covered.
The phase-out has been discussed with the credit insurance companies and the trade organisations, and will be followed closely making the transition as smooth as possible. Coverage of buyers outside the OECD will still be possible as the credit insurance companies and EKF have agreed to continue our good partnership in areas outside the scope of the temporary measure.
Since March 2009, EKF has reinsured export transactions worth millions of Danish kroner for hundreds of Danish companies. At the end of the first quarter of 2011, EKF covered exports of approx. DKK 1.6 billion. This is the equivalent of an annual export of estimated DKK 4-5 billion involving 441 exporters and nearly 3,000 foreign buyers.
EKF is one out of just six state-owned export credit agencies in EU countries who is able to cover short term exports within the OECD also in 2011.
If you have questions regarding the phase-out of OECD countries, contact your credit insurance company.