GIEK - Garanti-instituttet for eksportkreditt

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OECD

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Through the OECD (Organisation for Economic Co-operation and Development), a system of international regulations for export credits and associated guarantees has been built up over the course of many years.

The member countries have agreed to abide by rules to prevent trading distortions and the subsidising of exports. The rules set often detailed limits for the types of loans which governments may guarantee, what guarantee premiums must be taken, how much interest subsidy is permitted and the use of aid funding in connection with commercial contracts.

These rules are laid down in the Consensus Agreement, which was adopted in 1978, but which is subject to constant development. The OECD’s export credit group has also set common rules for handling environmental and corruption issues. An agreement was drawn up and published in 2003.

GIEK is actively involved in the development of these regulations, which benefit exporters. Common regulations and the greatest possible degree of openness between member countries help to prevent government financing plans which restrict the buyer’s choice of supplier. Few exceptions to the rules have been notified.

Within the framework of the Consensus Agreement, the member countries offer so called CIRR loans. CIRR stands for Commercial Interest Reference Rate and is a type of fixed interest rate loan. The interest rates for new loans are fixed every month. In Norway the scheme is administered by Eksportfinans.