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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Page 9
... United States Senate, Ninety-sixth Congress, Second Session, on S. 2339 ... S. 2340 ... us from our fair share of this rich market . The multilateral trade ... dollars are stolen . As much as I dislike proposing actions which distort ...
... United States Senate, Ninety-sixth Congress, Second Session, on S. 2339 ... S. 2340 ... us from our fair share of this rich market . The multilateral trade ... dollars are stolen . As much as I dislike proposing actions which distort ...
Page 82
... U.S. dollars . b / The United States does not require an exporter to obtain commercial and political risk insurance as a condition for obtaining a Government - supported loan . The base interest rates represent blended government and ...
... U.S. dollars . b / The United States does not require an exporter to obtain commercial and political risk insurance as a condition for obtaining a Government - supported loan . The base interest rates represent blended government and ...
Page 83
... US France th 2 NO apat pats of MRTOGA NAGLÒNG ture of NOITE DO LADAN junts . France is the RSI UNvent voT Z KRW Wix ... dollars in finane- ing costs if they purchase foreign exports rather than those of U.S. firms . For example , as ...
... US France th 2 NO apat pats of MRTOGA NAGLÒNG ture of NOITE DO LADAN junts . France is the RSI UNvent voT Z KRW Wix ... dollars in finane- ing costs if they purchase foreign exports rather than those of U.S. firms . For example , as ...
Page 84
... currency each year to repay a loan in appreciating Deutschemarks while less cur- rency would be required each year to repay a loan in depreci- ating dollars . Thus , for example , the U.S. 10.7 - percent loan may be considered by ...
... currency each year to repay a loan in appreciating Deutschemarks while less cur- rency would be required each year to repay a loan in depreci- ating dollars . Thus , for example , the U.S. 10.7 - percent loan may be considered by ...
Page 86
... United States Senate, Ninety-sixth Congress, Second Session, on S. 2339 ... S. 2340 ... dollars , were lost because they were unable to arrange for competitive ... U.S. firm in competition with any European company using government ...
... United States Senate, Ninety-sixth Congress, Second Session, on S. 2339 ... S. 2340 ... dollars , were lost because they were unable to arrange for competitive ... U.S. firm in competition with any European company using government ...
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Common terms and phrases
$1 billion agreement APPENDIX Arrangement on Export Arrangement on Guidelines Bank's basic minimum interest Bergsten bill borrowing budget buyers CENT Chairman commercial banks Competitive Export Financing CONGRESS THE LIBRARY cost credit financing credit subsidies currency differentiated rate system direct credits direct loan authority effective interest rates eligibility Ex-Im exchange rate Exim Eximbank financing export credit agencies export credit competition Export Expansion Facility Export Financing Act Export-Import Bank fiscal foreign competitors funds GAO note government-supported guarantee Guidelines for Officially important increased International Arrangement Japan Kjellgren lending rates LIBRARY OF CONGRESS long-term market interest rates medium-term ment minimum interest rates minimum rates mixed credits nations negotiations OECD official export credit Officially Supported Export Participants percent present matrix repayment SAINT PHALLE Senator HEINZ Senator STEVENSON Sohn Supported Export Credits trade deficit Treasury U.S. dollars U.S. exports U.S. firms uncompetitive uniform moving matrix United Kingdom Wallen
Popular passages
Page 157 - 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 147 - Wall en, 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 credit subsidies this year. To achieve our goals, we have developed and implemented a two-track strategy. The first track is intensive negotiations to limit subsidies multilaterally. The second track is a more aggressive Eximbank,...
Page 149 - 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 147 - 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 205 - 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 85 - Our questionnaire also asked exporters about specific 1978 sales for which Eximbank offered long-term financing. The 86 responses identified 10 sales, valued at $434 million, that were lost to foreign competitors primarily because of uncompetitive financing.
Page 76 - ... 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...
Page 120 - APPENDIX IV APPENDIX IV achieved, Eximbank should more clearly identify the extent to which public subsidization of its operation is required." The matters for consideration in our current report are consistent with the 1975 report. As noted on page 14, we suggested that the Congress reexamine the framework and financial constraints within which Eximbank now operates. GAO NOTE...
Page 135 - 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 the payment by them of all or part of the costs incurred by exporters or financial institutions in obtaining credits, in so far as they are used to secure a material advantage in the field of export credit terms.
Page 149 - 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 In mid-May of this year, the Participants in the Arrangement, some 22 industrial nations, met in Paris to consider the Wallen proposals. At the meeting, the European Economic Community announced that it was not yet ready to approve a differentiated rate...