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Glossary

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 EFIC (Export Finance and Insurance Corporation)

EFIC is the official export credit agency of the Australian Government (http://www.efic.gov.au).

 Escrow account

A financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions or until obligations have been fulfilled. Securities, funds and other assets can be held in escrow.

 Eurozone

The Eurozone comprises the countries (currently 12) that are members of the European Economic Monetary Union (EMU) and use the euro as their national currency. It excludes Bosnia and Montenegro, which use the euro, but are not members of the EMU. The countries are: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain.

 Excess
The percentage of loss incurred which is not compensated by an export credit guarantee, usually between 10 – 15% in the case of commercial risks and 5 – 10% for political risks.
 Export Financing

The financing that an exporter requires to help them run their business and to provide medium to long term credit.  The NZECO does not provide this financing, which needs to be sourced through the exporter’s internal financing and/or their shareholders, bank or other financiers.  Having sufficient financing in place is critical to the success of any export credit transaction.

 Export credit agency (ECA)

Agencies that provide insurance and/or guarantees for export transactions.  They are usually owned by and/or benefit from government support. 

 Export credit guarantee

Insurance against loss in connection with export credits.

 Export-Import Bank (Ex-Im Bank)

EX-IM Bank is the official export credit agency of the United States Government.