No C 230/4 Official Journal of the European Communities 28.8.87 
II 
(Preparatory Acts) 
COMMISSION 
Proposal for a Council Regulation concerning the establishment of a European Export Credit 
Insurance Facility to provide export credit insurance for export contracts to third countries 
sourced in more than one Member State 
COM(87) 251 final 
(Submitted by the Commission to the Council on 29 June 1987) 
(87/C 230/04) 
THE COUNCIL OF THE EUROPEAN COMMUNITIES, HAS ADOPTED THIS REGULATION: 
Having regard to the Treaty establishing the European 
Economic. Community, and in particular Article 113 
thereof, 
Having regard to the proposal from the Commission, 
Having regard to the opinion of the European Par­
liament, 
Whereas export credit insurance influences international 
trade flows and as such constitutes a powerful instrument 
of commercial policy; 
Whereas the increasing interdependence of the Member 
States' economies results in a trend towards the growth 
of export operations undertaken by a number of under­
takings in different Member States; such cooperation is a 
major, or even decisive, factor in the competitiveness of 
Community exports to third country markets; 
Whereas differences between the export guarantee 
systems at present in force in the Member States not 
only distort competition between undertakings of 
different Member States in export markets but also give 
rise to substantial difficulties in the carrying out of such 
export operations on a cooperative basis; 
Whereas therefore it is necessary to establish a common 
export credit insurance system for exports originating in 
more than one Member State and to provide for the 
issue of the common export credit insurance policy by a 
European Export Credit Insurance Facility; 
Whereas it is necessary to provide for the establishment 
of the terms of the common insurance policy, the 
method of operation of the Facility and rules on the 
financing of the Facility and other matters by the 
Commission acting in close cooperation with the 
Member States, Article 1 
Export credit insurance for exports from the Community 
shall be provided by the Member States in the manner 
set out in this Regulation. 
Article 2 
1. In cases where 
— not less than 85 % of the value of the contract for 
exports of goods or services to markets outside the 
Community (hereinafter called the 'export contract') 
is supplied by undertakings from more than one 
Member State and 
— the export contract is of a minimum value to be 
determined in accordance with the procedure laid 
down in Article 7, 
export credit insurance shall be provided together by the 
export credit insurance organization acting on behalf of 
the State, or with its support, or the public departments 
acting in place of such an organization (hereinafter 
called the 'export credit agency') of each Member State 
acting as co-insurer proportionately to the value of the 
export contract supplied by the undertaking or under­
takings established in that Member State. 
2. The percentage of 85 % referred to in the first 
indent of paragraph 1 may be reduced in proportion to 
any insurance of the non-Community element in the 
export contract by an export credit agency outside the 
Community approved by the European Export Credit 
Insurance Facility. 
3. Provision of export credit insurance in accordance 
with this Regulation shall not prejudice access to existing 
mechanisms for supporting interest rates operated by 
export credit agencies in the Member States from which 
the exports originate. 
28.8.87 Official Journal of the European Communities No C 230/5 
Article 3 
The export credit insurance cover shall be offered in a 
single common policy, to be known as the European 
Export Credit Insurance Facility policy, (hereinafter 
called the 'EECIF policy'), the terms and conditions of 
which shall be established in accordance with the 
procedure laid down in Article 7. 
Article 4 
1. The EECIF policy shall be issued on behalf, and in 
the name, of the export credit agencies of the Member 
States concerned by a common agent to be appointed by 
each of them for this purpose. 
2. The detailed rules for the issue of the EECIF policy 
shall be established pursuant to the procedure laid down 
in Article 7. 
Article 5 
1. The common agent referred to in Article 4, to be 
known as the European Export Credit Insurance Facility 
(hereafter called the 'EECIF'), shall be established by 1 
January 1988 as an entity with legal personality. 
2. The amount of the working capital of the EECIF, 
intended to cover its initial administrative costs, shall be 
laid down in accordance with the procedure laid down in 
Article 7. It shall be provided by the export credit 
agencies of the Member States in proportion to a 
formula to be established in accordance with the same 
procedure. 
3. The administrative costs of the EECIF shall be 
covered by a commission to be paid by the export credit 
agencies of each of the Member States concerned in 
respect of the policies issued on their behalf., 
4. The EECIF shall have a Board of Directors 
consisting of one member appointed by each Member 
State's export credit agency and one member appointed 
by the Commission acting on behalf of the Community. 
5. The Board shall be empowered to: 
— decide whether the conditions contained in the 
detailed rules for the issue of the EECIF policy are 
fulfilled in the case of each request received and that 
the policy will therefore be issued; 
— appoint an Executive Director to whom will be 
delegated powers to engage the necessary staff to 
operate the EECIF. 
6. Decisions of the Board of Directors shall be taken 
by a majority of its members. Article 6 
All requests for insurance cover to be arranged by the 
EECIF shall be immediately forwarded to the EECIF. 
Article 7 
1. A Committee (hereinafter called the 'EECIF 
Committee') is hereby set up. It shall consist of rep­
resentatives of the Member States with a representative 
of the Commission as chairman. The Committee shall 
adopt its own rules of procedure. 
2. Where the procedure laid down in this Article is to 
be followed, the representative of the Commission, who 
shall act as chairman, shall submit to the Committee a 
draft of the measures to be adopted. The Committee 
shall deliver its opinion on the draft within a time limit 
which the chairman may lay down having regard to the 
urgency of the matter. The opinion shall be delivered by 
the majority laid down in Article 148 (2) of the Treaty in 
the case of decisions which the Council is required to 
adopt on a proposal from the Commission. The votes of 
the representatives of the Member States within the 
Committee shall be weighted in the manner set out in 
that Article. 
The chairman shall not vote. 
The Commission shall adopt the measures envisaged if 
they are in accordance with the opinion of the 
Committee. 
If the measures envisaged are not in accordance with the 
opinion of the Committee, or if no opinion is delivered, 
the Commission shall without delay submit to the 
Council a proposal with regard to the measures to be 
adopted. The Council shall act by a qualified majority. 
If, within three months of the proposal being submitted 
to it, the Council has not acted, the proposed measures 
shall be adopted by the Commission. 
Article 8 
This Regulation shall not prejudice the automatic 
inclusion of certain subcontracts in export credit 
insurance cover by the export credit agencies of the 
Member States pursuant to Council Decision 
82/854/EEC (*). 
Article 9 
This Regulation shall enter into force on the 30th day 
following its publication in the Official Journal of the 
European Communities. 
This Regulation shall be binding in its entirety and 
directly applicable in all Member States. 
O OJ No L 357, 18. 12. 1982, p. 20.