EximBank continues to insure the Romanian exports in Greece for another year
Bucharest, September 28, 2016 – EximBank will continue to offer to Romanian exporters insurance policies for short term export credits that are taking over temporary non-market risks for Greek debtors, following the European Commission Decision to extend the exemption period of Greece from the list of countries with marketable risks up to June 30, 2017.
”Greek economy continues to struggle with a difficult period, having an outlook of a – 0,3% economic contraction for this year and the European Commission is expecting the private insurers for export credits to continue to be extremely cautious in terms of insuring the exports to Greece or even to drop out entirely the Greek market. This is why, the Commission has decided to extend the period during which the public insurers may offer such services and this allows EximBank to continue to insure the Romanian exporters state insurance policies for the commercial contracts with Greek counterparts under reduced risk conditions.”, said Traian Halalai, Executive President of EximBank.
The insurance policy for short term risks for non-market and temporary non-market risks offered by EximBank is covering the deliveries with a payment term up to 2 years for debtors in non-EU and non-OECD countries (temporary for Greek debtors) and provides the security of cashing 85% of the exported value. The insurance policy is issued in the contract currency and is tailored for each client.
Since 2014, when Greece was excluded from the list of countries with marketable risks up until June this year Romanian exporters have requested and concluded State insurance policies issued by EximBank for a total export value of appx. 12 Million Euro.
European regulations do not allow the state insurers to offer insurance services for export credits for short term private marketable risks. The countries with private marketable risks are all EU member states, except for Greece, as well as Australia, Canada, Island, Japan, New Zeeland, Norway, Switzerland and United States of America.
EximBank has developed complex integrated solutions for exporters, aiming at supporting the whole export cycle from production to delivery and cashing in of the counter value for exported goods through:
- FINANCING – credits covering the costs for producing or delivering the exported goods or services.
- GUARANTEES – sovereign guarantees, reducing the risks associated to the financing activities and easing up the companies’ access to financing.
– Insurance policy for export credit on short term for non-marketable and temporary non-marketable risks
– Insurance policy for foreign non-payment for non –marketable risks
– Insurance policy for medium and long term credits export
– Insurance policy of Romanian capital investments abroad
– Insurance policy for Buyer Credit
– Insurance policy for export guarantees
- FACTORING – EximBank may finance partially / totally, with or without recourse to exporters the commercial invoices related to export contract, issued under the provisions of a contract/framework agreement/ confirmed order with delayed term for covering the temporary lack of cash from the invoicing moment to cashing in.
- TRADE FINANCE – The more than 20 years long experience of EximBank in supporting international commercial transactions gives to the bank the competitive advantage necessary for tailoring trade finance solutions adapted to each company’s specifics.
– Documentary Bill of Credit
– Letter of Banking Guarantee
– Documentary Payment Order.
- COMMERCIAL INFORMATION ON BUSINESS PARTNERS – EximBank may offer details regarding the activity of a potential business partner that may count during the process decision.
EximBank has been actively involved for more than 25 years in sustaining and promoting the Romanian business environment by supporting the local companies’ projects. Starting up as an export agency, EximBank has evolved and extended this role keeping its unique profile on the market. Following the recent operational adjustments that support the bank’s adaptation to the national and international challenges, EximBank is now a complex financial institution having an attractive portfolio, available to any kind of company either SME or large company, involved in international transactions or only operating locally.