Prop. 102 LL (2011–2012)

Act relating to Eksportkreditt Norge AS (Export Credit Act)

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1 Main contents of the Proposition

On 14 December 2011, the Storting considered Recommendation 138 S (2011–2012), cf. Prop. 34 S (2011–2012) Export Financing and Prop. 42 S (2011–2012) Amendments to Prop. 34 S (2011–2012) Export Financing. In the propositions, the Government proposed that the administration of state-funded export credits should be continued under government auspices, initially by means of an interim arrangement and subsequently by means of a new state body for export financing. The new state body is to be established by 1 July 2012. The Storting authorised the Ministry of Trade and Industry to enter into an agreement with Eksportfinans ASA on administration of the interim arrangement until the state body becomes operational.

The state body is to be established in order to ensure competitive export financing for Norwegian industry. The scheme involving subsidised CIRR loans1 is to be continued. In addition, the body will continue to provide CIRR-qualified loans at market rates. It is thus not a new scheme for export financing that is being established, but a new state body to continue the current scheme.

The Ministry of Trade and Industry has appointed an interim board with responsibility for directing work on establishment of the new body. The interim board has proposed that the new body be established as an independent company and that the activities of the company be authorised by statute. The Ministry shares this view, and proposes that the new body be established as a state-owned limited liability company. It is proposed that the company be given the name Eksportkreditt Norge AS.

The new company is, on behalf of the state, to manage the state export financing scheme by providing loans for export financing in the form of state-subsidised CIRR loans and CIRR-qualified market loans on commercial terms. CIRR loans are loans granted to borrowers for financing of export projects on terms compliant with the OECD “Arrangement on Officially Supported Export Credits”. The rate of interest is fixed on conclusion of the agreement, while the loan agreement is normally signed somewhat later. Before drawing on the loan, the borrower may choose to take advantage of either the previously fixed CIRR interest rate or the current market rate. Loans at market rate are referred to as CIRR-qualified market loans.

The company will take responsibility for the whole process associated with sale and promotion, processing of applications, and granting, disbursing and following up loans. The loans are to be recorded in the government balance sheet. The state will thus take responsibility for all risk associated with the lending activities.

It is proposed that further rules concerning the company’s activities and the relationship to other legislation be provided by law. In the present Proposition, the Ministry submits a Bill concerning Eksportkreditt Norge AS.

Owing to the short time available, it has not been practicable to circulate the bill for the usual round of consultations, but the views of affected bodies have been obtained in other ways. For example, the interim board has conducted a running dialogue with affected parties in industry, and the Ministry has held a number of consultancy meetings with industrial organisations.



CIRR (Commercial Interest Reference Rate) is the minimum rate for fixed-interest loans according to the “Arrangement on Officially Supported Export Credits”, and the interest rate is reviewed monthly. The rate is based on the rate for government bonds in the currency in question plus 1 percentage point.