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 ≤ 30 % of 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.
Current version of Regulation (EU) No. 1233/2011 of the European Parliament and of the Council (consolidated version taking into account the change included in Annex II according to the Commission Delegated Regulation (EU) No. 2016/155).