GIEK's history

The Norwegian State has been facilitating Norwegian exports through mechanisms such as GIEK for almost 100 years.

2015 -> Since January 2015 the ownership of GIEK Kredittforsikring is transferred from GIEK to the Ministry of Trade, Industry and Fisheries. In December 2015, GIEK moved to Støperigata 1, Aker Brygge in Oslo.

The 2010s: strong organizational growth

In 2014, GIEK undertakes an internal restructuring make the organization more client-focused and adjust to a large growth in employees, now counting 84. GIEK now has a total guarantee limit of NOK 173 billion. With effect from 1 January 2015, the ownership of GIEK Kredittforsikring is transferred from GIEK to the Ministry of Trade, Industry and Fisheries. In December 2015, GIEK moves to Støperigata 1 at Aker Brygge in Oslo.

The 2000s: establishment of GIEK Kredittforsikring (credit insurance)

New EU rules resulted in pressure, particularly from the EFTA Surveillance Authority (ESA), to demerge GIEK’s commercial operation into a separate company. The subsidiary GIEK Kredittforsikring was therefore established in the year 2000.

The 1990s: GIEK becomes a public enterprise

GIEK became an independent public enterprise in 1994. The fall of the Berlin Wall boosted demand for guarantees, and a special guarantee scheme was established for former Soviet states. The scheme had two particular objectives: to maintain traditional exports of paper and cellulose to Russia and to secure contracts for the sale of ships. Guarantees were issued under the scheme until 2002.

The 1970s: the oil crisis and expanded exposure limits

This decade was characterised by the oil crisis, restructuring in the shipbuilding industry, crisis in the shipping industry and an active counter-cyclical policy. The exchange rate guarantee scheme was launched in 1975, and the interest rate support scheme in 1976. The guarantee exposure limit was increased to NOK 3 billion.

The 1980s: extensive changes in GIEK

GIEK implemented major organisational and administrative changes in 1980, and was granted wider powers by the ministry. The same year, GIEK’s 31 employees moved to the current premises at Dronning Mauds gate 15, Oslo. The tender guarantee scheme was transferred to GIEK in 1982. In 1987, the exchange rate guarantee scheme was withdrawn and the GIEK Committee was disbanded. A special export guarantee scheme for investments in developing countries was introduced in 1988.

The 1960s: the name GIEK arises

In 1960, the fund’s name was changed to Garanti-Instituttet for Eksportkreditt (guarantee institute for export credits) (GIEK). The OECD Trade Committee was established in 1963, as was the guarantee scheme for exports to developing countries. In 1968, the guarantee exposure limit totalled NOK 1.5 billion.

The 1950s: modernisation of terms and guidelines

In 1951, Nordic cooperation accelerated, and membership of the Berne Union provided a foundation for the modernisation of terms and guidelines.

The 1940s: establishment of the Export Guarantee Fund
Insurance volumes during World War II are uncertain, but after the war open credit insurance for longer-term production-equipment loans and insolvency and transfer risk insurance become more common. It was also decided that operating profits should be paid into an export guarantee fund. In many respects, this marked the birth of the mechanism that later became GIEK.

The 1930s: expansion of the Government Export Credit Commission to all countries

In 1934, the scheme was expanded to cover all countries and renamed the Government Export Credit Commission. Apart from the Soviet Union, the largest insured export volumes went to Germany, Italy, Greece, Spain and Brazil.

The 1920s: establishment of the Russia Commission
In the period 1922-1928, the Storting (the Norwegian parliament), made annual grants in support of exports of salted fish, herring and aluminium to the Soviet Union, a large and important market. The first grant totalled NOK 19.3 million. In 1929, the Russia Commission was established under the Ministry of Trade, and the guarantee scheme thus became more permanent.