Export Credits Arrangement and Sector Understandings

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2011

The September 2011 Arrangement on Officially Supported Export Credits [TAD/PG(2011)13] is now available. This version of the Arrangement on Officially Supported Export Credits replaces the March 2011 version [TAD/PG(2011)4]; it includes all modifications agreed to the Arrangement, including its Annexes, and is effective as from 1 September 2011.

The main amendments agreed are as follow:

In Arrangement Chapter II, new Articles 25 to 32, to update the disciplines on minimum premium rates by introducing new provisions on buyer risk pricing, and corresponding modifications in Annexes V, VI, VII, VIII, plus new Annexes XII and XIII.
In Annex I (Ships Sector Understanding), a new Article 10 (former Article 10 d) deleted).
In Annex III (Aircraft Sector Understanding - ASU):
- In ASU Appendix II:
  - A new Article 34 to explain formula used for the calculation of the minimum premium rates.
  - A new Section 2-II and a new Annex 2, to update the provisions relating to the reduction of minimum premium rates in relation with the impact of the Cape Town Convention on aircraft transactions.
- In ASU Appendix IV:
  - A new Article 1 a) to include Bank Bill Swap Bid Rate (BBSY) as an option for floating rate loans.
  - A new Article 8 to specify the calculation formula and effective date of Market Benchmarks.
- In ASU appendix V:
  - A new definition of Premium Holding Period.
In Annex X (Project Finance Transactions), an update of Footnote 1 to prolong the applications of the provisions in Articles 2 and 3 d) until the end of 2012.

The March 2011 Arrangement on Officially Supported Export Credits Arrangement including the 2011 ASU Agreement [TAD/PG(2011)4] has been issued. It replaces the January 2010 Arrangement, and includes all the modifications agreed.

2010

The January 2010 Arrangement on Officially Supported Export Credits [TAD/PG(2010)2] has been issued, It came into force on 11 January 2010. In comparison with the previous text, there has been two amendments:
- Amendment No.1: In the Sector Understanding on Export Credits for Civil Aircraft, the «de minimis» classification provision has been made permanent by deleting the clause of «trial period» of two years.
- Amendment No.2: In Annex X of the Arrangement, it was agreed to extend the deadline of the temporary measures as set out in Articles 2 and 3 d) of Annex X, until 31 December 2010.

2009

The July 2009 Arrangement on Officially Supported Export Credits [TAD/PG(2009)21] has been issued, taking into account, inter alia, the newly-agreed revised Sector Understandings on Export Credits for Nuclear Power Plants and for Renewable Energies and Water Projects: It came into force on 1 July 2009.
Sector Understanding on Export Credits for Nuclear Power Plants [TAD/PG(2009)19] (as of 1 July 2009).
Sector Understanding on Export Credits for Renewable Energies and Water Projects [TAD/PG(2009)18] (as of 1 July 2009).
The 2009 Arrangement: TAD/PG(2009)6 (as of 31 January 2009)
Changes to the previous text : Modifications to the Arrangement on Officially Supported Export Credits
The 2009 Arrangement: TAD/PG(2008)29-FINAL (as of 1 January 2009)

2008

The 2008 Arrangement: TAD/PG(2007)28-FINAL The 2008 version of the Arrangement text contains new provisions applicable to local costs, Ships and Aircraft sectors; this new Arrangement text came into effect on 1st January 2008.

The major changes are as listed:

the rules on local costs have been modified, for a trial period defined in related footnote 2 [Article 10 d)].
in some instances support for local cost should be prior notified [Article 45 a) 2)].
Annex I (Ships): Articles 5 and 7 have been modified, as well as the list of «Future Work» (Items d and e).
Annex III (Aircraft): changes have been agreed to Appendix III (Article 11: new footnote 2 establishing accelerated risk-classification procedures for small transactions), Appendix V (clarification of information relating to the buyer/borrower and guarantor) and Appendix VI (amendment to the definition of «Net Price» to exclude import duties and charges).

2005

2004

The 2004 Arrangement: TD/PG(2004)12/REV effective as of 27 january 2005 reflected two amendments to the 2004 Arrangement [TD/PG(2004)12] agreed at the end of 2004 by the Participants to the Arrangement.
The two amendments to the Arrangement were:
- an extension until 30 June 2005 of the Project Finance Understanding in Annex X of the Arrangement and
- a new text inserted in Article 9 a) about financing the premium
The 2004 Arrangement text, TD/PG(2004)12, contained the prevailing Arrangement text, i.e. TD/PG(2003)24, adjusted to reflect the state of play from 1 May 2004, after the enlargement of the European Union.

2003

2002

The 2002 Arrangement: TD/CONSENSUS(2002)19/FINAL effective as of 16 October 2003, contained all the decisons made since the 1998 version.

1998

The Arrangement: TD/CONSENSUS(97)70 effective as of 1998 is the revised and re-drafted version of the Arrangement, adopted late 1997 by the Participants to the Arrangement and applied as of 1998. It includes the revisions and amendments made to the 1992 version.

[to be continued soon]...