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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
This instrument creates a taxpayer-funded subsidy for the Export Finance and Insurance Corporation (EFIC), compensating the agency when it loses money on export financing—specifically from negative interest spreads on loans or interest-rate make-up payments on guarantees and indemnities.
It only applies where EFIC operates within the OECD Arrangement on Officially Supported Export Credits. The change helps EFIC offer concessional finance to support Australian exporters, with the Commonwealth covering the funding gap.
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Direct links to the current provisions in Export Finance and Insurance Corporation Act 1991 - Determination under section 67(1) (04/07/2007).
I, WARREN TRUSS, Minister of State for Trade for the Commonwealth of Australia, in the exercise of my powers under section 67(1) of the Export Finance and Insurance Corporation Act 1991 hereby:
REVOKE all Ministerial determinations made under section 67 of the Export Finance and Insurance Corporation Act 1991.
And
DETERMINE that the Commonwealth will compensate the Export Finance and Insurance Corporation, by way of subsidy, for any excess of interest paid over interest received on loans provided by the Export Finance and Insurance Corporation and interest rate make-up amounts on indemnities and guarantees provided by the Export Finance and Insurance Corporation in conformity with the minimum fixed interest rates prescribed by the OECD Arrangement on Officially Supported Export Credits.
DATED this 4th day of July 2007.
WARREN TRUSS
Minister for Trade
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
I, WARREN TRUSS, Minister of State for Trade for the Commonwealth of Australia, in the exercise of my powers under section 67(1) of the Export Finance and Insurance Corporation Act 1991 hereby:
REVOKE all Ministerial determinations made under section 67 of the Export Finance and Insurance Corporation Act 1991.
And
DETERMINE that the Commonwealth will compensate the Export Finance and Insurance Corporation, by way of subsidy, for any excess of interest paid over interest received on loans provided by the Export Finance and Insurance Corporation and interest rate make-up amounts on indemnities and guarantees provided by the Export Finance and Insurance Corporation in conformity with the minimum fixed interest rates prescribed by the OECD Arrangement on Officially Supported Export Credits.
DATED this 4th day of July 2007.
WARREN TRUSS
Minister for Trade