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The Sector Understanding on Export Credits for Ships (SSU) sets common rules for government-supported export credits for ships, in particular concerning interest rates and the duration of credits.
While the Understanding was self standing for many years, in April 2002 it was Annexed to the broader OECD Arrangement on Guidelines for Officially Supported Export Credits.
The most recent update of the SSU came into force on 8 October 2007, and this text can be found here.
At is 105th session, held on 10-11 2007, the Working Party on Shipbuilding agreed on work commencing on a number of priority work items contained in the SSU. Initial priority was given to items:
b) To review the provisions of the Arrangement in relation to minimum premium benchmarks with a view to incorporating them into this Sector Understanding.
d) To review the applicability to this Sector Understanding of provisions of the Arrangement in relation to Project Finance.
e) To discuss whether:
- the date of the first instalment of principal
- the Weighted Average Life concept
may be used in relation to the repayment profile contained in Article 5 of this Sector Understanding.
At this session the WP6 also created an informal expert group to consider the various issues and advised the Council Working Party on Shipbuilding of possible ways forward. Mr Yang-Hyun Lim (Korea) was elected as the chairman of this informal group.
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