Apply for a guarantee? Please click green button to the right.
The aim of the scheme is to relieve the ordinary building loan banks of up to 50 % of the banks’ risk. It is a condition that the risk is shared on an equal (pari passu) basis between the building loan bank and GIEK. It is also a condition that payment for such risk is also shared equally between the building loan bank and GIEK.
It is a condition of acceptance for the guarantee that the buyer pays a minimum of 20 % of the contract amount during the construction period. In addition documentation must also be provided to show that the ship in question is financed in a satisfactory manner.
The buyer can be Norwegian or foreign.
The building loan scheme was passed by the Storting in December 2004 and the scheme came into operation in 2005. The limit for GIEK’s contribution has been set at NOK 5 Billion.
Building loan guarantee
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The building loan guarantee scheme guarantees the building loan banks repayment of loans granted to Norwegian shipyards in connection with the shipyard’s financing of new ships under construction.
