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State Aid

State Aid: Pricing mechanism for market loans by Export Credit Norway confirmed




Today, the EFTA Surveillance Authority (ESA) concluded that the pricing mechanism for market loans issued by Export Credit Norway ensures that export loans will be market priced and not result in the granting of state aid.

Export Credit Norway is a state-owned company established to offer long-term financing to international buyers of Norwegian capital goods and services. Its lending activity is financed from the State budget. The provision of export finance is regulated by the OECD under the Arrangement on Officially Supported Export Credits.

ESA assessed and took a decision with the same conclusion on  the pricing mechanism in 2013. In line with this previous decision, ESA has now re-assessed the pricing mechanism for market loans issued by Export Credit Norway in the light of the experience gained over the past years.

In particular, Norway submitted audit reports from independent experts that confirm ESA's finding in the 2013 decision that the pricing mechanism is sufficient to ensure that loans will not be issued below market price. Accordingly, Export Credit Norway will not grant state aid to individual borrowers.

A public version of today's decision will be published on ESA's website, normally within a month.

For further information, please contact:

Mr. Øyvind Bø
Acting Head of Communications
tel. (+32)(0)2 286 18 36
mob. (+32)(0)489 98 77 55

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