Oversight Hearings on the Export-Import Bank: Hearings Before the Subcommittee on International Trade, Investment and Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-sixth Congress, Second Session, June 12 and 19, 1980 |
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administration agreement Airbus Industrie Airbus offer aircraft American Ansett Ansett Airlines auto automobile automotive Bank's BERGSTEN Boeing borrowing budget CAVANAUGH Cecil Heftel Chairman NEAL CONGRESS THE LIBRARY continue countries credit competition credit financing developed differentiated rate system direct credit direct lending direct loan discussions economically viable investment Exim Eximbank export credit agencies export credit subsidies export financing EXPORT TRADING COMPANIES Export-Import Bank Federal Financing Bank FFB Standby financial guarantees fiscal year 1980 foreign currencies Fred Bergsten funds Government of Japan HEFTEL increase industry interest rate illusion International Arrangement issue Japanese Government LAFALCE LEACH LIBRARY OF CONGRES LIBRARY OF CONGRESS match minimum interest rates mixed credit MOORE motor vehicles negotiations OAKAR OECD official export credit Paris Club Participants percent predatory financing production questions rescheduling sector Senate statement subcommittee submitted tariffs Thank Treasury U.S. dollars U.S. exporters U.S. Government U.S. Trade United
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Page 110 - Tailored Trade: Dealing with the World as It Is." Harvard Business Review, 66, No. 1 (January-February): 86-93. Cline, William R. 1980. "The Magnitude and Conditions of Lending by the International Monetary Fund." Hearings before the Subcommittee on International Trade, Investment, and Monetary Policy, House Committee on Banking, Housing, and Urban Affairs. Washington, 6 February. . 1987a. Mobilizing Bank Lending to Debtor Countries.
Page 9 - ... export financing measures by other countries. The goal of the second bill is to prompt the US ExportImport Bank to finance projects that the private capital market would not necessarily support at rates competitive with foreign financing. The long-standing goal of our efforts in the export credits field, as you know, has been to reduce and eliminate subsidies. These subsidies are not small. Mr. Axel Wallen, the Chairman of the OECD's Export Credits Group, has estimated that the Participants in...
Page 13 - Eximbank's direct loans were $2.9 billion. We increased this to $3.7 billion in FY 1979. In FY 1980, the administration went further still, and proposed a $5.1 billion Eximbank, $4.1 billion in direct budget funds and $1 billion on a standby basis from the Federal Financing Bank (FFB). For FY 1981, the administration requested $4.4 billion in direct loan funds and another $1 billion FFB standby.
Page 121 - PRESIDENT AND CHAIRMAN EXPORT- IMPORT BANK OF THE UNITED STATES...
Page 11 - The new framework would eliminate this competitive inequity. Second, the proposed new framework would not only relate the minimum interest rates to market rates of interest in the various major currencies, it would change these rates from time to time as capital market rates change. The idea would be to adjust the minimum interest rates, periodically and automatically, using long-term government bond yields in the various countries as benchmarks. This would avoid the built-in delays we face at present...
Page 12 - This is a positive step in the right direction: it will reduce the subsidy by Participants on export credits this year by as much as several hundred million dollars. By itself, the EEC offer was clearly inadequate. It is no substitute for real reform. But the EEC offer is without prejudice to consideration of a differentiated rate system. Moreover, at the Paris meeting, it was agreed that December 1, 1980 would be the deadline for reaching agreements on an acceptable revision of the Arrangement....
Page 11 - I will submit to the Committee various parts of the Wallen Report. Among the portions are the subsidy calculations I referred to earlier, as well as an excellent introduction by Mr. Wallen. The US Government firmly supports a differentiated rate system. Such a system would place all official export credit offers on a much more equitable basis. It would greatly reduce subsidies and the dangers of an export credit war . An Interim Measure Last week, the Participants in the Arrangement, some 22 industrial...
Page 9 - At the Rambouillet Summit in 1975, the general principles of a Consensus on Export Credits were laid down. That Consensus provided for the beginning of discipline in the export credit area by establishing minimum interest rates and maximum maturity terms. This first step was followed by a second at the London Summit of 1977.
Page 118 - We can expect foreign competition to grow more intense, both in official financing and in sales efforts themselves, as other countries are faced with similar pressures. We must make sure that US exporters are not placed at an unfair disadvantage in this climate. I am confident that, with the continued support of the Congress, we can further the progress of the past to meet the ever-growing export challenge of the future. We appreciate this Committee's past support of the Bank and will be pleased...