Commonwealth legislation

Export Finance and Insurance Corporation Section 67(1) Determination 2022

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Commonwealth

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legislative instrument

Plain English Summary

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This determination revokes earlier Ministerial determinations and directs that, when Export Finance Australia (EFA) warns before Ministerial approval that a proposed Part 5 transaction may produce losses not already payable under sections 65 or 66, the Commonwealth will subsidise EFA for an amount equal to those losses in a financial year. It excludes cases where EFA has notified under section 64 that it will bear some or all of the liability. Who pays: the Commonwealth; who decides: the Minister, after EFA advice.

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Export Finance and Insurance Corporation

Export Finance and Insurance Corporation Act 1991

I, THE HON DAN TEHAN, Minister for Trade, Tourism and Investment for the Commonwealth of Australia, in the exercise of my powers under section 67(1) of the Export Finance and Insurance Corporation Act 1991 (Act) hereby:

REVOKE all Ministerial determinations made under section 67 of the Export Finance and Insurance Corporation Act 1991;

And

DETERMINE that, where Export Finance Australia has advised me, prior to me giving approval to enter into a transaction under Part 5 of the Act, that entering into the transaction may result in Export Finance Australia suffering shortfalls or losses (losses) that are not amounts that the Commonwealth is required to pay Export Finance Australia under sections 65 or 66 of the Act, the Commonwealth will provide additional funding to Export Finance Australia, by way of subsidy, of an amount equal to the overall amount of such losses in a financial year. This determination does not apply to the extent that Export Finance Australia has given notice under section 64 of the Act that it will bear the whole, or a proportion, of the liability or risk arising from a transaction.

DATED this 18th day of February 2022

THE HON DAN TEHAN

Minister for Trade, Tourism and Investment

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

Export Finance and Insurance Corporation Export Finance and Insurance Corporation Act 1991

Export Finance and Insurance Corporation Act 1991

REVOKE all Ministerial determinations made under section 67 of the Export Finance and Insurance Corporation Act 1991;

And

DATED this 18th day of February 2022

THE HON DAN TEHAN

Minister for Trade, Tourism and Investment