Global Trade Alert

 
On 5 March 2010 the Latvian authorities notified to the Commission the intended public short-term export credit guarantee measure.
 
According to the information submitted by the Latvian authorities, the private credit insurance market in Latvia is dominated by one international insurance company, Coface. Other large international credit insurers: Euler Hermes and Atradius are also active on the Latvian market. No national private insurer provides credit insurance on the Latvian market.
 
The purpose of the measure is to provide short-term export-credit guarantees coverage to Latvian exporters who are confronted with temporary unavailability of cover in the private market as a result of the financial crisis.
 
The budget of the measure amounts to 20 million Latvian lats (LVL) - 28 million euro.
 
All undertakings established in Latvia, i.e. all undertakings registered in Latvia, including subsidiaries and branches of foreign companies operating in Latvia, are entitled to apply for export credit insurance under the public scheme, regardless of the sector or the origin of the products or services exported.
 
The export credit insurance will be in force only temporarily until 31 December 2010.