OECD: SECTOR UNDERSTANDING ON EXPORT CREDITS FOR CIVIL AIRCRAFT

Commercial Interest Reference Rates for civil aircraft (CIRR)

2011 ASU
1 Appendix III of the 2011 Sector Understanding on Export Credits for Civil Aircraft (the 2011 ASU), annexed to the 2011 Arrangement for Officially Supported Export Credits (the Arrangement), stipulates the minimum interest rates that shall apply to official financing support for export credits for civil aircraft.

2007 ASU
2 Appendix IV of the 2007 Sector Understanding on Export Credits for Civil Aircraft (the 2007 ASU), annexed to the 2010 Arrangement for Officially Supported Export Credits (the Arrangement), stipulates the minimum interest rates that shall apply to official financing support for export credits for civil aircraft.

3 For Category 1 Aircraft, the minimum fixed interest rate is the Commercial Interest Reference Rate for Category 1 Aircraft (CIRR-1); for Category 2 and Category 3 Aircraft, the minimum fixed interest rate shall be either the Swap rate with the currency and maturity equal to the interpolated weighted average life of each drawing of the officially supported export credit or the Commercial Interest Reference Rates for Category 2 and Category 3 Aircraft (CIRR-2).

4 CIRR-1 and CIRR-2 are established for any of the eligible currencies set out in Article 10 of the 2007 ASU, i.e. Euros, Japanese yen, UK sterling pounds, US dollars and other fully convertible currencies, and are set on the 15th of each month.