ANNOUNCEMENT 30 Apr 2014

In April 2014, the British government announced a change in its trade finance instruments.

NUMBER OF INTERVENTIONS

2

  • 2 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 30 Apr 2014 | Removal date: open ended
Still in force

Trade finance

On 30 April 2014, the UK government launched its Export Refinancing Facility (ERF) with a volume of GBP 5 billion and the aim to allow UK exporters to provide favourable financing conditions to overseas customers.
 
In essence, the facility allows overseas buyers of British goods and service to substitute their initial loan with bonds guaranteed by the British export finance agency, UKEF. Through this guarantee, UKEF extends the borrowing conditions enjoyed by the British government to the overseas purchasers of British goods and services. UKEF also offers to stand in as a lender until a proper refinance solution has been found.
 
The eligibility for this scheme requires loans to be larger than GBP 50 million without exceeding 85% of the export value. Only exports outside the EU are eligible for the ERF. The programme also does not cover defence- and aviation-related contracts.
 
The government argued this facility was necessary as Basel III regulations have made it more difficult for banks to offer long-term loans.

AFFECTED PRODUCTS

 
010121 010129 010511 010512 010594 010611 010619 010649 010690 020110 020120 020130 020220 020230 020311 020312 020319 020321 020322 020329 020410 020421 020422 020423 020442 020443 020610 020622 020629 020630 020649 020680 020690 020711 020712 020713 020714 020724 020726 020727 020741 020742 020744 020745 030211 030213 030214 030219 030221 030222 030223 030224 030229 030232 030241 030244 030251 030253 030254 030259 030282 030284 030289 030313 030314 030319 030339 030341 030343 030351 030353 030354 030355 030357 030363 030364 030368 030369 030383 030389 030390 030441 030443 030444 030449 030452 030453 030459 030471 030472 030479 030481 030486 030489 030492 030495 030499 030539 030541 030549 030551 030562 030571 030572 030611 030612 030614 030615 030616 030617 030619 030622 030624 030625 030626 030627 030629 030711 030721 030729 030731 030741 030749 030771 030791 030799 040110 040120 040150 040210 040221 040229 040291 040299 040310 040390 040410 040510 040520 040590 040610 040620 040630 040640 040690 040711 040719 040721 040729 040900 050400 050510 050590 050690 051110 051191 051199 060110 060290 070110 070190 070200 070610 070690 070930 070940 070951 070960 070970 070993 070999 071010 071021 071040 071080 071090 071220 071290 071310 071350 081320 081340 081350 090111 090121 090122 090210 090220 090230 090240 091011 091091 091099 100119 100191 100199 100390 100610 100620 100630 100640 110100 110313 110319 110412 110419 110510 110520 110710 110720 110900 120910 120925 120930 120991 120999 121010 121020 121190 121221 121229 121291 121294 121299 121300 130120 130213 130219 130232 130239 150210 150290 150410 150420 150430 150500 150910 150990 151411 151419 151491 151499 151519 151529 151530 151550 151590 151620 151710 151790 151800 152000 160210 160220 160231 160232 160239 160241 160249 160250 160290 160411 160412 160413 160414 160415 160419 160420 160521 160529 160556 160559 170112 170114 170191 170199 170211 170230 170240 170290 170410 170490 180400 180500 180610 180620 180631 180632 180690 190110 190120 190190 190211 190219 190220 190230 190240 190410 190420 190490 190510 190520 190531 190532 190540 190590 200110 200190 200410 200490 200510 200520 200551 200559 200570 200580 200599 200710 200791 200799 200811 200819 200830 200870 200897 200899 200911 200912 200919 200931 200939 200941 200969 200971 200979 200981 200989 200990 210111 210112 210120 210210 210220 210310 210320 210330 210390 210410 210420 210500 210610 210690 220110 220190 220210 220290 220300 220410 220421 220429 220600 220710 220720 220820 220830 220840 220850 220860 220870 220890 220900 230110 230120 230630 230641 230649 230660 230690 230910 230990 240210 240220 240319 240391 240399 250100 250300 250510 250590 250700 250810 250840 250850 250860 250870 251990 252210 252220 252310 252321 252329 252330 252390 253010 253090 260111 260112 260400 260800 262011 262019 262021 262029 262030 262060 262099 262110 262190 270111 270112 270119 270120 270400 270710 270720 270730 270740 270750 270799 270810 270900 271012 271019 271020 271091 271099 271111 271112 271113 271114 271119 271121 271129 271210 271290 271311 271312 271320 271500 280300 280421 280429 280430 280461 280469 280490 281111 281119 281121 281122 281129 281410 281420 281511 281512 281520 281530 281810 281820 282200 282300 282510 282530 282560 282570 282590 282612 282630 282690 282732 282739 282751 282759 282760 282911 282990 283311 283325 283329 283510 283524 283526 283529 283539 283620 283630 283650 283691 283699 283919 284019 284020 284190 284210 284290 284310 284321 284329 284330 284390 284410 284420 284440 284700 285300 290110 290121 290122 290123 290124 290129 290211 290219 290220 290230 290243 290244 290250 290260 290290 290312 290313 290315 290331 290339 290379 290389 290410 290490 290511 290512 290514 290516 290519 290531 290532 290539 290542 290545 290549 290611 290619 290621 290629 290711 290712 290713 290719 290722 290729 290819 290891 290899 290919 290920 290930 290943 290949 290950 291010 291020 291211 291219 291229 291260 291411 291412 291413 291419 291429 291469 291521 291524 291529 291531 291532 291533 291539 291550 291560 291570 291590 291611 291612 291613 291614 291615 291619 291620 291631 291639 291711 291712 291713 291714 291719 291720 291732 291736 291739 291811 291814 291815 291819 291823 291830 291899 291990 292090 292119 292122 292129 292141 292213 292219 292229 292241 292249 292250 292320 292390 292419 292421 292429 292519 292529 292610 292690 292800 292910 292990 293040 293090 293110 293190 293211 293213 293219 293220 293299 293319 293329 293332 293333 293339 293349 293359 293361 293369 293379 293399 293410 293420 293430 293499 293500 293621 293624 293627 293629 293690 293711 293719 293721 293722 293723 293729 293750 293790 293890 293911 293919 293949 293999 294000 294110 294130 294190 294200 300120 300190 300210 300220 300230 300290 300310 300320 300339 300340 300390 300410 300420 300431 300432 300439 300440 300450 300490 300510 300590 300610 300620 300630 300640 300660 300670 300691 310210 310221 310230 310240 310290 310420 310430 310490 310510 310520 310551 310560 310590 320300 320411 320412 320413 320414 320416 320417 320419 320420 320490 320500 320611 320619 320649 320650 320710 320720 320730 320740 320810 320820 320890 320910 320990 321000 321210 321290 321310 321390 321410 321490 321511 321519 321590 330112 330113 330119 330124 330129 330190 330210 330290 330300 330410 330420 330430 330491 330499 330510 330520 330530 330590 330610 330620 330690 330710 330720 330730 330741 330749 330790 340111 340119 340120 340130 340211 340212 340213 340219 340220 340290 340319 340391 340399 340420 340490 340510 340520 340530 340540 340590 340600 350220 350290 350400 350510 350520 350610 350691 350699 350790 360610 360690 370130 370199 370210 370255 370297 370298 370310 370320 370390 370590 370610 370710 370790 380110 380130 380190 380210 380290 380300 380850 380891 380892 380893 380894 380899 380910 380991 380992 380993 381010 381090 381111 381119 381121 381129 381190 381210 381220 381230 381300 381400 381511 381512 381519 381590 381600 381700 381800 381900 382000 382100 382200 382311 382313 382319 382370 382410 382430 382440 382450 382460 382478 382490 390110 390120 390130 390190 390210 390220 390230 390290 390311 390319 390320 390330 390390 390410 390421 390422 390440 390461 390469 390490 390519 390521 390529 390530 390591 390599 390610 390690 390710 390720 390730 390740 390750 390760 390791 390799 390810 390890 390910 390920 390930 390940 390950 391000 391110 391190 391211 391212 391220 391239 391290 391400 391510 391520 391530 391590 391610 391620 391690 391710 391721 391722 391723 391729 391731 391732 391733 391739 391740 391810 391890 391910 391990 392010 392020 392030 392043 392049 392051 392059 392061 392062 392063 392069 392071 392073 392079 392091 392092 392099 392111 392112 392113 392119 392190 392210 392220 392290 392310 392321 392329 392330 392340 392350 392390 392410 392490 392510 392520 392530 392590 392610 392620 392630 392640 392690 400122 400211 400219 400220 400231 400239 400249 400259 400270 400280 400291 400299 400400 400510 400520 400591 400599 400610 400690 400811 400821 400829 400911 400912 400921 400922 400931 400932 400941 400942 401011 401012 401019 401031 401033 401034 401035 401036 401039 401110 401120 401130 401140 401161 401162 401163 401193 401194 401199 401211 401212 401213 401220 401290 401511 401519 401590 401691 401693 401694 401695 401699 410120 410150 410190 410210 410221 410411 410419 410441 410449 410711 410712 410719 410791 410792 410799 411200 411310 411510 411520 420100 420211 420212 420219 420221 420222 420229 420231 420232 420239 420291 420292 420299 420310 420329 420330 420340 420500 430211 430219 430230 430310 440310 440320 440710 440791 440799 440810 440890 441011 441012 441090 441112 441113 441114 441192 441510 441520 441600 441810 441820 441879 441890 442190 470710 470720 470730 470790 480100 480220 480254 480255 480256 480257 480258 480261 480262 480269 480300 480411 480419 480429 480431 480439 480441 480459 480511 480519 480524 480525 480540 480591 480592 480593 480620 480630 480700 480810 480840 480890 481013 481014 481019 481022 481029 481031 481032 481039 481092 481099 481141 481149 481151 481159 481160 481190 481200 481310 481320 481390 481420 481490 481710 481720 481730 481810 481820 481830 481850 481890 481910 481920 481930 481940 481950 481960 482010 482030 482040 482050 482090 482110 482190 482320 482340 482369 482370 482390 490110 490191 490199 490210 490290 490300 490400 490591 490599 490600 490700 490890 490900 491110 491191 491199 500720 500790 510111 510121 510129 510211 510219 510310 510320 510610 510620 510710 510720 510810 511111 511119 511120 511130 511211 511219 511230 520419 520532 520819 520821 520831 520839 520843 520849 520851 520852 520912 520931 520932 520939 520951 521119 521132 521139 521152 530919 530929 540110 540211 540219 540220 540232 540233 540244 540245 540247 540249 540259 540261 540269 540411 540419 540490 540710 540720 540741 540742 540752 540754 540761 540769 540771 540792 540793 540810 540822 540832 550130 550311 550320 550330 550340 550390 550510 550912 550932 550951 550952 550962 551211 551219 551229 551291 551299 551313 551321 551339 551421 551422 551430 551442 551449 551511 551512 551513 551519 551591 551612 551622 551694 560121 560122 560130 560210 560229 560290 560311 560312 560313 560314 560392 560393 560394 560500 560750 560900 570110 570190 570231 570241 570242 570310 570320 570330 570410 570490 570500 580110 580132 580136 580137 580190 580410 580429 580500 580632 580639 580710 581099 590310 590320 590390 590410 590610 590699 590700 590900 591000 591110 591120 591131 591132 591190 600192 600199 600410 600490 600531 600532 600632 600634 600642 600644 600690 610120 610130 610210 610220 610230 610290 610331 610332 610339 610342 610431 610432 610433 610439 610442 610443 610444 610449 610452 610453 610462 610463 610510 610520 610610 610620 610690 610711 610721 610821 610822 610831 610910 610990 611011 611012 611019 611020 611030 611090 611120 611190 611211 611212 611219 611231 611241 611300 611420 611430 611490 611510 611521 611529 611594 611595 611596 611599 611610 611710 611780 611790 620111 620112 620113 620192 620193 620199 620211 620212 620213 620219 620291 620292 620293 620311 620312 620319 620322 620329 620331 620332 620333 620339 620341 620342 620343 620412 620419 620423 620432 620433 620439 620441 620442 620443 620444 620449 620452 620453 620462 620463 620469 620520 620530 620590 620610 620630 620640 620690 620711 620729 620799 620811 620821 620920 620930 620990 621010 621020 621040 621050 621132 621133 621142 621143 621149 621210 621290 621410 621420 621490 621510 621710 621790 630110 630120 630130 630140 630210 630221 630222 630231 630232 630251 630260 630291 630312 630391 630392 630491 630493 630499 630510 630532 630533 630622 630629 630630 630710 630720 630790 630900 631010 631090 640219 640291 640299 640319 640340 640351 640359 640391 640399 640411 640419 640420 640510 640520 640590 650500 650610 650699 670420 680300 680421 680422 680510 680520 680530 680610 680620 680690 680710 680790 681011 681019 681091 681099 681320 681381 681410 681510 681599 690210 690220 690290 690310 690320 690390 690810 690890 690911 690919 690990 691010 691090 691110 691190 691200 691310 691390 691490 700210 700220 700319 700510 700521 700529 700600 700711 700719 700721 700729 700800 700910 700991 700992 701020 701090 701310 701328 701337 701349