Considerations on COM(2020)847 - EU position regarding the Sector Understanding on Export Credits for Civil Aircraft - Main contents
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This page contains a limited version of this dossier in the EU Monitor.
| dossier | COM(2020)847 - EU position regarding the Sector Understanding on Export Credits for Civil Aircraft. |
|---|---|
| document | COM(2020)847  |
| date | February 15, 2021 |
| (2) | Pursuant to Article 28 of the Aircraft Sector Understanding, Common Line proposals are to be addressed to the Secretariat of the Organisation for Economic Cooperation and Development. |
| (3) | The COVID-19 pandemic and the resulting economic downturn have severely impacted the civil aviation industry, whose business is threatened by the short-term liquidity problems of aircraft operators and of purchasers of new aircraft and engines. In light of the current and developing economic downturn and in order to reduce the severity of its impact, the Union should propose a Common Line on the temporary deferral of loan principal repayment for purchasers of new aircraft and engines (the ‘proposed Common Line’). |
| (4) | In accordance with Part 4, Section 3 of the Aircraft Sector Understanding, the Participants to the Aircraft Sector Understanding are to decide by written procedure on the proposed Common Line. |
| (5) | The proposed Common Line would allow purchasers of new aircraft as defined in Article 8 a) 1) of the Aircraft Sector Understanding and purchasers of spare engines and spare parts as defined in Article 20 a), b) and c) thereof to defer repayment of loan principal for 12 months after the delivery of the purchased goods or, if certain conditions are satisfied, for 18 months after the delivery of the purchased goods. |
| (6) | It is appropriate to establish the position to be taken on the Union’s behalf regarding the proposed Common Line in the written procedure by the Participants to the Aircraft Sector Understanding, as the proposed Common Line, once it is agreed, will be binding on the Union and capable of decisively influencing the content of Union law, namely Regulation (EU) No 1233/2011, |