Buy or take security over EKN-guaranteed receivables
An exporting company that offers its customer credit and guarantees the credit risk with EKN, can sell or pledge guaranteed receivables to a bank. The rights under the guarantee are then transferred to the bank. The exporting company notifies EKN of the transfer and if payment fails, EKN pays compensation to the bank.
An exporting company that offers its customer credit and guarantees the credit risk with EKN, can sell or pledge the guaranteed receivables to the bank. Then the rights under the guarantee are transferred to the bank. The export company notifies EKN of the transfer and if payment fails, EKN pays out compensation to the bank.
In the event of a transfer, EKN offers the bank supplementary conditions for the Guarantee for loss on claim for exporters, credit period over 12 months. These supplementary conditions aim to make it possible for a bank that buys or takes EKN-guaranteed receivables as security to record the risk in the transaction as a risk at EKN, that is, the Swedish state, in accordance with the EU capital adequacy rules.
In order for the supplementary conditions to be applicable, the bank must ensure that the buyer accepts that the payment obligation is independent from the export contract. This can be documented directly in the export contract or in, for example, a bill of exchange, promissory note or letter of credit.
For the supplementary conditions, the exporting company and the bank fill in the form Notice of transfer/pledge of rights and send to EKN.
Latest updated 21 Sep 2020