Competitive Export Financing: Hearing Before the Subcommittee on International Finance of the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-sixth Congress, Second Session, on S. 2339 ... S. 2340 ... May 22, 1980 |
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... Guarantees ; James C. Cruse , Vice President - Policy Analy- sis ; and James K. Hess , Deputy Treasurer - Controller . Preliminary commitments .. Prepared statement Stephen Sohn , Vice President , United Technologies Credit Corp. , Conn ...
... Guarantees ; James C. Cruse , Vice President - Policy Analy- sis ; and James K. Hess , Deputy Treasurer - Controller . Preliminary commitments .. Prepared statement Stephen Sohn , Vice President , United Technologies Credit Corp. , Conn ...
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... guarantees , or insurance for the purpose of meeting foreign predatory export financing . This amount would support $ 10 to $ 15 billion in extraordinary financing by the Eximbank which should prove sufficient to match the most ...
... guarantees , or insurance for the purpose of meeting foreign predatory export financing . This amount would support $ 10 to $ 15 billion in extraordinary financing by the Eximbank which should prove sufficient to match the most ...
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... guarantees , and insurance ( including coinsurance and 3 reinsurance ) exports to countries which , in the judgment of 4 the Board of Directors of the Bank— 5 6 7 8 6 10 11 12 13 14 15 16 17 " ( 1 ) do not currently have sufficient ...
... guarantees , and insurance ( including coinsurance and 3 reinsurance ) exports to countries which , in the judgment of 4 the Board of Directors of the Bank— 5 6 7 8 6 10 11 12 13 14 15 16 17 " ( 1 ) do not currently have sufficient ...
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... guarantees , and insurance ( including coinsurance and 3 reinsurance ) exports to countries which , in the judgment of 4 the Board of Directors of the Bank- 5 6 7 8 9 10 11 12 13 14 15 16 17 " ( 1 ) do not currently have sufficient ...
... guarantees , and insurance ( including coinsurance and 3 reinsurance ) exports to countries which , in the judgment of 4 the Board of Directors of the Bank- 5 6 7 8 9 10 11 12 13 14 15 16 17 " ( 1 ) do not currently have sufficient ...
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... guarantees , and insurance ( including coinsurance and 3 reinsurance ) exports to countries which , in the judgment of 4 the Board of Directors of the Bank- 10 5 CO 6 7 8 9 10 11 12 13 14 . 15 16 17 “ ( 1 ) do not currently have ...
... guarantees , and insurance ( including coinsurance and 3 reinsurance ) exports to countries which , in the judgment of 4 the Board of Directors of the Bank- 10 5 CO 6 7 8 9 10 11 12 13 14 . 15 16 17 “ ( 1 ) do not currently have ...
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Common terms and phrases
$1 billion Administration agreement APPENDIX Arrangement on Export Arrangement on Guidelines Bank's basic minimum interest basis Bergsten bill borrowing budget buyers Chairman Competitive Export Financing Congress cost countries credit financing credit subsidies currency developing differentiated rate system direct credits direct loan authority dollars effective interest rates eligible for Eximbank Ex-Im exchange rate Exim Eximbank financing export credit agencies export credit competition Export Expansion Facility Export Financing Act export financing agencies FFB Standby fiscal year 1980 foreign competitors foreign content funds GAO NOTE Guidelines for Officially increase International Arrangement Japan lending rates local-cost financing long-term market interest rates match foreign ment minimum interest rates mixed credits nations negotiations OECD offer competitive financing official export credit Officially Supported Export Participants percent predatory present matrix repayment SAINT PHALLE Senator HEINZ Senator STEVENSON Supported Export Credits trade deficit U.S. dollars U.S. exports U.S. firms uncompetitive United Kingdom
Popular passages
Page 89 - The grant by governments (or special institutions controlled by and/or acting under the authority of governments) of export credits at rates below those •which they actually have to pay for the funds so employed (or would have to pay if they borrowed on international capital markets...
Page 97 - First, an export credit program should be viewed as a commercial program designed to facilitate exports through assumption, by the Government, of various credit risks private creditors are unwilling to take. Export credit programs should not be seen as a substitute for genuine aid. If countries wish to increase the aid they give LDCs, they should do it through programs that directly benefit the LDCs rather than their own exporters. Second, the main beneficiaries of official export credits are the...
Page 91 - ... 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 the Arrangement on Guidelines for Officially Supported Export Credits — the industrialized OECD countries — may provide between three and five billion dollars in export...
Page 93 - 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 91 - THE HONORABLE C. FRED BERGSTEN ASSISTANT SECRETARY OF THE TREASURY FOR INTERNATIONAL AFFAIRS BEFORE THE SUBCOMMITTEE ON INTERNATIONAL DEVELOPMENT INSTITUTIONS AND FINANCE OF THE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS HOUSE OF REPRESENTATIVES Mr.
Page 117 - that the Export-Import Bank of the United States should facilitate through loans, guarantees and insurance (including co-insurance and reinsurance) those export transactions which, in the judgement of the Board of Directors of the Bank, offer sufficient likelihood of repayment to justify the Bank's support in order to actively foster the foreign trade and long-term commercial interest of the United States".
Page 97 - Some national export credit programs are run on the basis that virtually every exporter is entitled to subsidized credits. As a result, official export credit competition is one of the major trade issues remaining from the Multilateral Trade Negotiations. The rebuttal to the mercantilist argument is straightforward: export credit subsidies work only if no other country is willing to match them. Over the last few years, it has become clear that export credit agencies are willing to match each others
Page 97 - Some national export credit programs are run on an entitlement basis, with virtually all exporters eligible for the subsidized credits. As a result, official export credit competition is one of the major trade issues remaining from the multilateral trade negotiations. The rebuttal to the mercantilist argument is straightforward: Export credit subsidies work only if no other country is willing to match them. Over the last few years, it has become clear that export credit agencies are willing to match...
Page 39 - States (Eximbank) helps finance the sale of US exports. In some cases, however, Eximbank loans are more expensive than governmentsupported financing offered by other countries competing for a sale. Also, because of a variety of eligibility restrictions, Eximbank does not finance some exports that other countries finance. In some cases, these factors put US exporters at a competitive disadvantage and has led to some lost sales. Eximbank has taken actions to make its financing more competitive, but...
Page 42 - ... COMMERCIAL FINANCING Commercial banks provide most of the financing required for US exports, but there are limitations, particularly when borrowers require fixed interest rates and long repayment periods. Commercial banks are reluctant to lend at fixed interest rates due to fluctuations in their costs of funds and their dependence on short-term deposits. Private lenders are also reluctant to assume all the political and commercial risks associated with financing exports, such as loan default...