NEWS

November 18, 2011
Changes in Finnish Export Credit Ltd

The Finnish Parliament is currently discussing the Government’s proposal for a new permanent export credit transfer model. In this new model, Finnvera’s subsidiary, Finnish Export Credit Ltd, will finance export credits arranged by commercial banks while the parent company, Finnvera, is responsible for acquiring funding in money and capital markets for these export credits and for managing liquidity.

In conjunction with the launching of this new service and in order to ensure sufficient resources, the functions for export financing, funding and liquidity management within Finnish Export Credit and Finnvera will be concentrated in Finnvera. As of the beginning of 2012, the personnel of Finnish Export Credit Ltd will be employees of Finnvera.

These changes also mean that Managing Director Jyrki Wirtavuori of Finnish Export Credit Ltd is leaving the Group. He is succeeded by Anita Muona, Head of Leagal Services of Finnvera’s Export Financing, whose appointment as the Managing Director of Finnish Export Credit Ltd becomes effective today.

Additional information: Topi Vesteri, Executive Vice President, Finnvera plc and Chairman of the Board of Finnish Export Credit Ltd, tel. +358 20 460 7238

October  10, 2011
New FEC Funding Programme to be introduced from the beginning of 2012

A decision has been made on cabinet committee level on 22 September 2011 to establish a permanent funding programme for export credits.

A new FEC Funding programme for export credits shall be introduced at the beginning of 2012 to improve the financing possibilities for Finnish exports. Under the programme Finnish Export Credit Ltd will provide funding and interest equalisation connected to export credits. The terms of the financing shall be in accordance with the OECD terms and the credit risks of the transactions covered by export credit guarantees issued by Finnvera Plc. The aggregate credit portfolio shall not exceed 3 billion euros. Finnvera Plc will obtain the required funds from the market and manage the liquidity.

The programme is subject to the approval of the Finnish Parliament.

July 21, 2011
A new Co-operation financial institution

NORD/LB, Singapore Branch and Finnish Export Credit Ltd have signed a Co-operation Agreement on Jyly 21, 2011. All FEC's services can be applied for by NORD/LB, Singapore Branch.

For more detailed information, please click Co-operation financial institutions

June 16, 2011
Temporary FEC Funding Programme - new programme to be proposed

Temporary FEC Funding Programme

The temporary refinancing programme of export credits allows applications to be submitted to FEC in writing latest on 30 June 2011. FEC shall make its decisions on 31 December 2011 at the latest.

In order for you to have a possibility to still benefit from the temporary Funding Programme, FEC encourages applications to be submitted at an early stage (prior to 30 June 2011) for transactions, which may come up this year.

When applying for FEC Funding please note the updated main principles dated March 7, 2011.
The application shall include also the following clarifications on:
- the non-availability of alternative funding on competitive terms
- the export transaction being materially hampered due to non-availability of funding.
- the profitability and financial soundness of the purchasing company will be examined prior to the decision on the application (in the course of Finnvera's guarantee process).
In case all the necessary information is not available, the application may be supplemented later on.

A new FEC Funding Programme to be proposed

The Ministry of Employment and the Economy is planning to propose a new FEC Funding Programme from the beginning of 2012 to secure the long term financing of exports by Finnish exporters. The new system is subject to the approval of the Finnish Government as well as the Parliament.

Applications for FEC Funding from July 1, 2011 -

From July 1, 2011 the exporters may continue to apply for FEC Funding simultaneously with Interest Equalisation. The funding decision will be made if and when the new FEC Funding Programme enters into force.

In order to benefit from funding under the proposed new programme (as under the temporary programme), an application for FEC Funding must be submitted to FEC before the Supply Contract is signed.


March 9, 2011
A new Co-operation financial institution

Bank of Tokyo-Mitsubishi UFJ and Finnish Export Credit Ltd have signed a Co-operation Agreement on March 9, 2010. All FEC's services can be applied for by Bank of Tokyo-Mitsubishi UFJ.

For more detailed information, please click Co-operation financial institutions

March 7, 2011
New terms for FEC Funding

Change of Terms of FEC Funding

As a change in the refinancing programme, a new term with additional restrictions on funding provided by FEC has been added valid 1 January 2011.
The main principles: please click FEC Funding

Validity of the FEC Funding Programme

The temporary refinancing programme of export credits allows applications submitted to FEC in writing latest on 30 June 2011.

October 20, 2010
New terms for FEC Funding

Change of Terms of FEC Funding

Due to a change in the refinancing programme, fixed rate funding will from 20 October 2010 be based on the same principles as the Interest Equalisation Programme. The main changes are that the interest to be charged shall be CIRR and FEC shall have the possibility to offer CIRR for a fixed period of 120 days and lock the interest on the date of the commercial contract for a period of six months. The change will affect commercial contracts signed on or after 20 October 2010. Please note, that FEC shall not be pay-ing spreads under the FEC Funding as in the Interest Equalisation Programme.
The main principles: please click FEC Funding

Possible continuation of the FEC Funding Programme

The Ministry of Employment and the Economy has on 12 October 2010 published a communication, wherein it states that to secure the long term financing of exports by Finnish exporters, the Ministry has made a proposal to continue the refinancing of exports based on government funding until 30 June 2011. The continuation is subject to the approval of the Finnish Parliament.
 

May 27, 2010
A new Co-operation financial institution

DZ BANK AG and Finnish Export Credit Ltd have signed a Co-operation Agreement on March 29, 2010. All FEC's services can be applied for by DZ BANK AG.

For more detailed information, please click Co-operation financial institutions.

March 29, 2010
A new Co-operation financial institution

NATIXIS and Finnish Export Credit Ltd have signed a Co-operation Agreement on March 29, 2010. All FEC's services can be applied for by NATIXIS.

For more detailed information, please click Co-operation financial institutions.

January 12, 2010
A new Co-operation financial institution

Credit Suisse AG and Finnish Export Credit Ltd have signed a Co-operation Agreement on January 12, 2010. All FEC's services can be applied for by Credit Suisse AG.

For more detailed information, please click Co-operation financial institutions.

September 3, 2009
A new Co-operation financial institution

The Hongkong and Shanghai Banking Corporation Limited (HBAP) and Finnish Export Credit Ltd have signed a Co-operation Agreement on September 3, 2009. All FEC's services can be applied for by The Hongkong and Shanghai Banking Corporation Limited.

For more detailed information, please click Co-operation financial institutions.

July 10, 2009
Minimum Interest Rates

The Arrangement on Officially Supported Export Credits (the “Arrangement”) stipulates that minimum interest rates shall apply to official financing support for export credits. Such minimum interest rates are the relevant Commercial Interest Reference Rates (CIRRs), which have been established for each currency of the Participants to the Arrangement and which are set on the 15th of each month.
Please click for standard Arrangement transactions Prevailing Commercial Interest Reference Rates (CIRR).

In addition, three Sector Understandings, which are annexed to the Arrangement, stipulate now that minimum interest rates shall apply to official financing support for export credits for nuclear power plants, civil aircraft and renewable energies & water projects respectively. Such minimum interest rates have also been established for various currencies of the Participants to the Arrangement and are set on the 15th of each month. For more information, please click Renewable Energies and Water Projects, Nuclear Power Plants and Civil Aircraft.

January 28, 2009
FEC Financing

According to the Act on Finnish Export Credit Ltd (FEC), FEC may grant officially supported export credits on OECD terms to finance deliveries under export contracts.

The main principles: please click FEC Financing.

December 23, 2008
Measures taken by the Finnish Government

To support Finnish exports, the Finnish Parliament has approved a temporary refinancing programme of export credits to be established. The implementation of the proposed programme has been assigned to Finnish Export Credit Ltd.

To ensure the availability of export credits, the Government will provide funding up to 500 million euros and funding guarantees up to 700 million euros for funding arranged by Finnvera plc during the years 2009 and 2010. Thus the total amount available will be 1.2 bill euros. These sums are to be used for refinancing of OECD-term export credits. In the newly introduced process, export credits arranged by banks will be assigned to Finnish Export Credit. The details of the programme will be finalised in early January.

November 23, 2008
The General Terms and Conditions

FEC’s General Terms and Conditions (GTC) has been updated on November 7, 2008 to include certain tightening of ship financing terms for large vessels as stipulated by the Ministry of Employment and the Economy.

October 20, 2008
A new Co-operation financial institution

Skandinaviska Enskilda Banken AB (publ) and Finnish Export Credit Ltd have signed a Co-operation Agreement on October 20, 2008. All FEC's services can be applied for by Skandinaviska Enskilda Banken AB.

For more detailed information, please click Co-operation financial institutions.

May 30, 2007
A new Co-operation financial institution

Danske Bank A/S, Helsinki Branch and Finnish Export Credit Ltd have signed a Co-operation Agreement on May 30, 2007. All FEC's services can be applied for by Danske Bank A/S, Helsinki Branch.

For more detailed information, please click Co-operation financial institutions.

April 17, 2007
A new Co-operation financial institution

Rabobank International and Finnish Export Credit Ltd have signed a Co-operation Agreement on April 17, 2007. All FEC's services can be applied for by Rabobank International.

For more detailed information, please click Co-operation financial institutions.

June 2, 2006
A new Co-operation financial institution

Société Générale- Corporate and Investment Banking and Finnish Export Credit Ltd have signed a Co-operation Agreement on June 2, 2006. All FEC's services can be applied for by Société Générale.

For more detailed information, please click Co-operation financial institutions.

April 4, 2006
A new Co-operation financial institution

HSBC Bank plc and Finnish Export Credit Ltd have signed a Co-operation Agreement on April 4, 2006. All FEC's services can be applied for by HSBC Bank.

For more detailed information, please click Co-operation financial institutions.

February 28, 2006
A new Co-operation financial institution

BnP Paripas SA and Finnish Export Credit Ltd have signed a Co-operation Agreement on February 28, 2006. All FEC's services can be applied for by BnP Paripas.

For more detailed information, please click Co-operation financial institutions.

December 8, 2005
A new Co-operation financial institution

Dnb NOR Bank ASA and Finnish Export Credit Ltd have signed a Co-operation Agreement on December 8, 2005. All FEC's services can be applied for by DnB Nor Bank.

For more detailed information, please click Co-operation financial institutions.

November 1, 2005
A new Co-operation financial institution

FORTIS BANK (NEDERLAND) N.V. and Finnish Export Credit Ltd have signed a Co-operation Agreement on Nobember 1, 2005. All FEC's services can be applied for by Fortis Bank.

For more detailed information, please click Co-operation financial institutions.

April 20, 2005
The Managing Director of Finnish Export Credit Ltd

Mr Jyrki Wirtavuori has been nominated the Managing Director of Finnish Export Credit Ltd as of 20 April 2005.

April 12, 2005
A new Co-operation financial institution

Australia and New Zealand Banking Group Limited and Finnish Export Credit Ltd have signed a Co-operation Agreement on April 12, 2005. All FEC's services can be applied for by ANZ.

For more detailed information, please click Co-operation financial institutions.

December 31, 2004
Fide Ltd was merged with and into Finnish Export Credit Ltd

The merger of FIDE Ltd into Finnish Export Credit Ltd (FEC) came into effect on 31 December 2004. As a result of the merger FEC remained as the surviving entity and a wholly owned subsidiary of Finnvera Plc. By operation of law, all the assets, rights and liabilities of FIDE were transferred to FEC without any further act. Therefore, upon the effectiveness of the merger, FEC became automatically liable under all FIDE’s commitments and all rights of FIDE were automatically transferred to FEC.

For further information kindly contact Mr. Jyrki Wirtavuori, Managing Director tel. +358-20 460 3502