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Commission Grants State Aid To Luxembourg Insurance Firm,
by Ulrika Lomas, Tax-News.com, Brussels
Tuesday, April 21, 2009
The European Commission has authorised, under the EC Treaty state aid rules, a
measure adopted by Luxembourg to limit the adverse impact of the current financial
crisis on export firms.
The Luxembourg authorities notified the European Commission of the measure
in the context of the Commission Communication on short-term export-credit insurance
and with reference to the Commission's Temporary Framework for state aid measures
to support access to finance in the current financial and economic crisis, amended
on 25 February 2009. It should be noted that this measure is of limited duration
and scope, with a budget of EUR25m. It is therefore compatible with the principles
underpinning the single market.
Competition Commissioner Neelie Kroes said: "European export firms are
affected by the financial crisis in two ways. The volume of orders is falling
on the one hand, while on the other they face growing difficulties in obtaining
export insurance cover for particular kinds of risk. This measure enables the
public authorities to take action in an area from which private market players
have temporarily withdrawn, to help export firms to continue to create value.”
Under the notified scheme, the export-credit agency concerned, Ducroire Luxembourg,
will provide export-credit insurance to complement insurance policies taken
out with private insurance companies. Ducroire can provide credit up to a higher
limit where evidence exists that private insurers have excessively reduced or
even refused credit. The limits authorised by Ducroire will be based on an analysis
of the underlying risk conducted by the private insurer and a further analysis
carried out by Ducroire itself.
The Luxembourg authorities have provided sufficient proof that the necessary
cover is unavailable on the private insurance market. The premiums required
by Ducroire meet the condition of being aligned to those of the private market,
as stipulated by the safeguard clause in the Commission's communication on short-term
export-credit insurance. The premiums are set at a level that encompasses an
additional margin, thereby providing an incentive for exporters to have recourse
to private insurers again once normal market conditions have been restored.
The measure's impact in terms of squeezing out private insurers is thus limited,
which the Commission describes as vital in its analysis.
The Commission is therefore authorising the measure, which was notified under
the Temporary Framework, until December 31 2010.
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