Foundation
The Delcredere Committee was founded in 1921 and was the world's second credit insurer, after the one established in the United Kingdom.
In 1939, the Delcredere Committee was transformed by law into an autonomous public institution with the official name ‘Nationale Delcrederedienst’ in Dutch and ‘Office national du Ducroire’ in French. It enjoys the Belgian state guarantee.
The law of 18 April 2017 changed the official name into ‘Delcredere’ in Dutch and ‘Ducroire’ in French. Commercially, Delcredere | Ducroire operates under the name Credendo – Export Credit Agency.
Delcredere | Ducroire evolved from a traditional public export credit insurer in 2004 to a European credit insurance group, headed by Credendo – Export Credit Agency, under the common brand name ‘Credendo’, with private subsidiaries and branches in 14 countries today. These private subsidiaries (PLCs) specialise in highly customised underwriting for shorter-term trade credit risks, but do not enjoy the Belgian State guarantee. In Belgium, Credendo has 2 PLCs:
- Credendo – Short-Term Non-EU Risks: specialised in whole turnover policies; and
- Credendo – Excess & Surety: specialised in excess of loss, top up and surety.
Mission
The mission of Credendo – Export Credit Agency is to support trade relations. It insures private companies and banks against political and commercial risks taken in international commercial transactions, mainly regarding capital goods and industrial projects, as well as works and services.
Furthermore, Credendo – Export Credit Agency:
- covers Belgian foreign investments;
- provides financial guarantees to banks;
- gives financing to SMEs;
- participates in bank and insurance syndications;
- carries out – on behalf of the State – any technical, financial mission entrusted to it.
Credendo – Export Credit Agency covers risks either on its own account, but with a State guarantee, or, in case the intensity and duration of these risks exceed its capacities, directly on behalf of the State.
Capital
Credendo – Export Credit Agency’s capital currently amounts to EUR 2,531 billion, of which 297.5 million were provided by the Belgian State by way of a special contribution (“dotation/dotatie”).
Governance
The Board of Directors of Credendo – Export Credit Agency holds all the decision-making powers needed to achieve its objectives, in particular regarding the allocation of the resources and general policies.
International rules
OECD Member States have concluded an agreement on the use of officially supported export credits with repayment terms of more than two years. This agreement is called the ‘Arrangement on Officially Supported Export Credits’.
This framework prevents unfair competition between export credit agencies by establishing minimum rules to be complied with, in particular with regard to maximum terms of export credits, minimum premium rates, interest rates, etc.
Role of the FPS Finance
- Representation in the Board of Directors
The FPS Finance is represented in the Board of Directors of Credendo – Export Credit Agency.
- Representation in the Export Credits Groups
A representative from the FPS of Finance can participate in the activities of the Export Credits