The Danish interest equalisation programme, also known as CIRR, was discontinued in connection with the adoption of the Danish Finance Act for 2008. It is therefore no longer possible to take out new loans under the programme.
The programme allowed Danish exporters to offer their customers financing at a fixed rate. When using CIRR the interest rate risk was transferred from the bank to the interest equalisation programme, thus allowing the buyer to obtain a loan with a fixed interest rate while the bank was offered a loan with a variable interest rate.
EKF administered the programme on behalf of the Danish state and will continue to administer the remaining loans until expiry. We expect the programme to be finally dismantled by 2022.