Press Release: State Aid: Commission approves Austrian short-term export credit insurance scheme

The European Commission has authorised, under EU State aid rules, a measure adopted by Austria to limit the adverse impact of the current financial crisis on exporting firms. The Commission found the measure to be in line with its Temporary framework for state aid measures to support access to finance in the current financial and economic crisis. In particular, the measure requires a higher remuneration than that offered by the private market and tackles the problem of the current insufficiency of the short-term export credit insurance cover in the private market. The Commission authorised the measure until 31 December 2010.