ANNOUNCEMENT 28 Aug 2014In August 2014, the government of Australia announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Efic Annual Report 2013/14
On 28 August 2014, the Australian export credit agency Efic published its 2013/14 annual report. The report included a list of all beneficiaries of trade finance for the given fiscal year.
One of these beneficiaries was Bank Support Clients, where Efic joined a risk participation agreement worth 21.22 million AUD (Efic's participation) for the company's coking coal exports. The Annual Report did not mention the destination markets. However, since Australia exported coking coal worth more than 1 million USD only to seven jurisdictions in 2013, the affected trading partners were based on those seven export destinations.
Given that Efic does not provide the exact date that the trade finance deal was signed, the most conservative date, i.e. the 30 June 2014, was set as the inception date.