ANNUAL REVIEW BY THE COMMISSION of Member States' Annual Activity Reports on Export Credits in the sense of Regulation (EU) No 1233/2011
1. The European Commission has produced two separate annual review documents of Member States’ export credit activities in 2015 and 2016. The origin for both Commission reviews stems from Regulation (EU) No.1233/2011 of the European Parliament and of the Council of 16 November 2011 on the application of certain guidelines in the field of officially supported export credits.
2. The Regulation requires that Member States make Activity Reports available to the EU Commission on an annual basis and that the Commission then produces an Annual Review for the European Parliament, using the Activity Reports collected from Member States. UKEF is the UK’s ECA and submitted the necessary response to the Commission in November 2016 (for the 2015 report) and in October 2017 (for the 2016 report).
3. Annual Activity Reports were provided for both years by 21 Member States with active export credit programs in the sense of this Regulation. Cyprus, Estonia, Greece, Ireland, Latvia, Lithuania and Malta do not have active programmes and did not submit reports.
4. The reviews for both years are a factual summary, and consider in both cases, Member States’ export credit activity in four sections: a) general and financial information; b) treatment of environmental risks and other relevant risks; c) other information contained in the Annual Activity Reports and d) compliance with EU objectives and obligations.
5. In respect of Section 3 a) in both reports, the Commission makes no specific observations on the financial aspects of the reports. The reviews note differences in presentation as financial aspects are recorded in accordance with differing national legislative frameworks, for example the UK records all exposure in the form of insurance or guarantees as contingent liabilities, consistent with their accounting treatment.