STATUTORY INSTRUMENTS.

S.I. No. 203 of 1999.

EUROPEAN COMMUNITIES (EXPORT CREDIT INSURANCE) REGULATIONS, 1999

S.I. No. 203 of 1999.

EUROPEAN COMMUNITIES (EXPORT CREDIT INSURANCE) REGULATIONS, 1999

I, MARY HARNEY, Minister for Enterprise, Trade and Employment, in exercise of the powers conferred on me by section 3 of the European Communities Act, 1972 ( No. 27 of 1972 ), for the purpose of giving effect to Council Directive No. 98/29/EC of 7 May 1998⁽¹⁾ , hereby make the following regulations:

1. These Regulations may be cited as the European Communities (Export Credit Insurance) Regulations, 1999.

2. (1) In these Regulations “the Council Directive” means Council Directive No. 98/29/EC of 7 May 1998⁽¹⁾ .

(2) A word or expression which is used in these Regulations and which is also used in the Council Directive has, unless the context otherwise requires, the same meaning in these Regulations as it has in the Council Directive.

3. (1) These regulations apply to cover for transactions related to the export of goods or services originating in the State, in so far as this support is provided directly or indirectly for the account of, or with the support of, the State involving a total risk period of 2 or more years, that is to say, the repayment period including the manufacturing period.

(2) These Regulations do not apply to cover for--

(a) bid, advance payment, performance and retention bonds, or

(b) risks relating to construction equipment and material when used locally for the performance of the contract.

4. Any institution, providing cover directly or indirectly in the form of export credit insurance, guarantees or refinancing for the account of the State or with the support of the State representing the Government or controlled by or acting under the authority of the Government providing cover, shall cover transactions related to the export of goods or services in accordance with the provisions set out in the Annex to the Council Directive, when destined for countries outside the European Community and financed by buyer credit or supplier credit or paid on cash terms.

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

EC Council Directive 98/29/EC of 7 May, 1998 (O.J. No. L.148, 19.5.98, p.22) repeals and replaces Council Directive 70/509/EEC (O.J. No. L.254, 23.11.70, p.1) and Council Directive 70/510/EEC (O.J. No. L.254, 23.11.70, p.26).

The Directive harmonises the main provisions to be applied by Member States when providing State supported export credit insurance in respect of medium and long-term transactions. The Directive also imposes an obligation on Member States to notify certain information to the Commission and to other Member States.

These Regulations give effect in Irish legislation to the provisions of the Directive.

⁽¹⁾O.J. No. L.148, 19.5.98, p.22.

⁽¹⁾O.J. No. L.148, 19.5.98, p.22.