Considerations on COM(2021)268 - EU position regarding the envisaged decision of the Participants to the Arrangement on Officially Supported Export Credits - Main contents
Please note
This page contains a limited version of this dossier in the EU Monitor.
| dossier | COM(2021)268 - EU position regarding the envisaged decision of the Participants to the Arrangement on Officially Supported Export Credits. |
|---|---|
| document | COM(2021)268  |
| date | July 13, 2021 |
| (2) | Pursuant to Article 63 of the Arrangement, the participants to the Arrangement (the ‘Participants’) should periodically review the system for setting Commercial Interest Reference Rates (CIRRs) in order to ensure that the notified rates reflect current market conditions and meet the aims underlying the establishment of the rates in operation. Such reviews should also cover the margin to be added when those rates are applied. |
| (3) | The Participants are to decide by written procedure on an envisaged decision to amend the provisions on CIRRs set out in Annex XVI to the Arrangement. |
| (4) | The envisaged decision to amend the provisions on CIRRs should provide greater policy coherence and harmonise lending practices, thereby enhancing the level playing field among the Participants. Furthermore, it should bring the fixed interest rates offered in officially supported export credit transactions closer to market rates and ensure that those fixed interest rates are better adapted to the terms and conditions offered in the private financial market. A transition period of two years should allow the export credit agencies time to adopt and communicate the new guidelines. |
| (5) | It is appropriate to establish the position to be taken on the Union’s behalf on the decision to be adopted by the Participants in the written procedure, as the envisaged decision to amend the provisions on CIRRs will be binding on the Union and capable of decisively influencing the content of Union law by virtue of Article 2 of Regulation (EU) No 1233/2011, |