The Czech Export Bank provides supported financing in compliance with the EU law and especially with international guidelines that are stipulated in the Arrangement on Officially Supported Export Credits of the Organisation for Economic Cooperation and Development (the so-called OECD Consensus), conditions resulting from the membership of the Czech Republic in the World Trade Organisation (WTO) and with other international guidelines binding on the Czech Republic.
The so-called OECD Consensus ("Arrangement on Officially Supported Export Credits") was established in 1978 and its mission is to define restrictions and conditions for state supported export credits and contribute thus to creating equal conditions and healthy competitive environment for all countries involved.
The Czech Export Bank, as a state-owned institution has fully adhered to the OECD Consensus guidelines when providing its products. In compliance with the Consensus, the following guidelines namely apply for state supported export financing with maturity of two and more years:
- the buyer must pay ≥ 15 % of contract value in advance;
- maximum maturity up to 10 years for relatively poor countries, up to 8.5 years for relatively rich countries (whereas sector exceptions exist);
- official support for local costs shall not exceed 40 % / 50 % (for Category I countries / for Category II countries) of the export contract value
- the credit principal and interest are paid in equal and regular instalments at intervals not exceeding 6 months;
- the minimum fixed interest rate is a CIRR (Commercial Interest Reference Rate).
The OECD Consensus has been transposed into EU law by Regulation (EU) No. 1233/2011 of the European Parliament and of the Council, which is binding on the Czech Republic, and therefore also for the CEB. Changes to the OECD Consensus are included in Annex II of this Regulation by the relevant Commission Delegated Regulation.
Commission Delegated Regulation (EU) No. 2018/179 (Last amendment to the Regulation (EU) No. 1233/2011 containing current binding version of Annex II).
Current version of Regulation (EU) No. 1233/2011 of the European Parliament and of the Council (Consolidated version including all amendments to the Regulation (EU) No. 1233/2011).
Ministerial Decision of Nairobi (WTO)
WTO Ministerial Decision dated 19 December 2015 determines the guidelines for the provision of state supported export financing relating to products contained in Annex 1 to the Agriculture Agreement ("Agricultural Products"). The Czech Export Bank has fully complied with the guidelines, as well as with any other binding WTO guidelines, and starting from the last day of 2017, the Czech Export Bank will provide supported financing for products specified in the Decision with maturity of no more than 18 months.