ANNOUNCEMENT 08 Jul 2009In July 2009, the Dutch government announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
the letter from the EC to the Netherlands - http://ec.europa.eu/competition/elojade/isef/case_details.cfm?proc_code=3_N409_2009
On 8 July 2009, the Dutch authorities notified to the Commission a measure to publicly support export credit insurance for countries where covers for marketable export credit risks are temporarily unavailable.
The private insurance market in the Netherlands is dominated by three international credit insurance companies (Euler Hermes, Coface, Atradius) and one national credit insurer (Interpolis). These insurers have an approximate market share of 99%.
The purpose of the Dutch scheme is to provide short-term export-credit insurance coverage to Dutch exporters who are confronted with temporary unavailability of cover in the private market for financially sound transactions with certain countries as a result of the financial crisis.
The scheme is open to export companies that are established in the Netherlands and which have or take a turnover policy with any of the participating credit insurers.
The maximum exposure of the State to the total risk of export transactions assumed under the scheme cannot exceed EUR 1.5 billion at any point in time. The State makes available to the credit insurers a reinsurance facility providing for a maximum amount of EUR 1.5 billion.
The short-term export credit insurance is provided by the State of the Netherlands in the form of a reinsurance facility.