The Export Credit Guarantees of the Federal Republic of Germany (Hermes Cover) take the global lead for the eighth time. It was first and foremost the high quality of the export promotion instrument and the great variety of cover solutions on offer which won the readers of the English Trade Finance Magazine over. The award "Best global Export Credit Agency" acknowledges in particular the constant good performance shown by the Export Credit Guarantees again and again.
"Hermes Cover uses all possibilities to support German exports,"
explains Dr. Hans Janus
, Member of the Board of Management of Euler Hermes Deutschland AG
. "Our cover options are internationally competitive and invaluable in particular for the numerous small and medium-sized enterprises."
The readers of the British Trade Finance Magazine have chosen the best service provider from among the state export credit agencies (ECA) for 15 years. As an independent assessment of an ECA's quality and service, the award is internationally held in high regard. The German export credit agency has won the first prize already eight times; this year for the sixth consecutive year. No other ECA can boast such a run of success.
"This award fills us with pride and motivates the entire team to offer even more specific support to our clients," stresses Dr. Janus. "The recently published study of the Munich-based IFO Institute for economic research confirms that Hermes Cover generates additional export and thus safeguards jobs."
Last year the Export Credit Guarantees recorded the second highest cover volume in its history with EUR 29.8 billion. Deliveries to emerging economies and developing countries still accounted for the largest amount of covered exports. In view of the continuing turmoil on the economic and financial markets the demand for state export credit insurance remains high also in the current year.
Since 1949, the Federal Export Credit Guarantees (Hermes Cover) have been an important instrument of state export promotion in Germany. The Federal Government has entrusted a consortium consisting of Euler Hermes Deutschland AG and PricewaterhouseCoopers AG WPG with the management of the scheme. Reliable protection of the export industry against bad debt losses, in particular in connection with exports to risky markets, continues to be the major concern.
Euler Hermes Deutschland AG, Federal Export Credit Guarantees, Ruth Bartonek, spokesperson, +49 40/88 34-9241