CIRR-finance now also available for Dutch exporters.

What is CIRR?

Since April 2018 your bank can apply for a CIRR finance through which your borrower abroad can obtain a credit at an advantageous fixed interest (CIRR rate). This arrangement is an agreement between the Dutch Ministy of Finance and the sector banks BNG Bank and NWB bank.

What is the advantage?

CIRR is a low fixed rate that has been agreed upon internationally which is typically applied for export finance. Dutch exporters find this product particular interesting because it offers their foreign buyers with a possibility to obtain finance at an attractive fixed rate. As a consequence, the buyer can calculate its financing costs beforehand.

How is the process organised?

The process to apply for CIRR finance can be summarized as follows:

  • The export bank needs to have a minimum rating of investment grade (BBB-).
  • Through the application form “Buyer Credit Insurance Policy”, the export bank applies for a CIRR finance.  The sector banks BNG Bank en NWB Bank will be informed by Atradius DSB.
  • Atradius DSB will issue to you a promise of cover for the Buyers Credit Insurance Policy and for the CIRR finance.
  • Per date of the signing of the export loan the following documents will be signed:
    • Refinance agreement between sector banks and export bank with a margin of CIRR minus 25 bps (EUR) or CIRR flat (USD), increased with a possible forward premium. Such a forward premium applies if the average drawdown date takes place at a later date than the date at which CIRR is fixed.
    • The deed of pledge regarding the export loan, and the recourse agreement, between the export bank and Atradius DSB;
    • The CIRR guarantee that will be issued by Atradius DSB to the sector banks.
    • The Buyers Credit Insurance Policy that will be issued by Atradius DSB to the export bank.
  • The sector banks BNG Bank and NWB Bank provide the export bank with CIRR finance in accordance with the pre-agreed drawdown schedule under the export loan, irrespective of any future changes to such drawdown schedule (due to delays or other circumstances).
  • The commitment fee and the arrangement fee under the export loan is for the account of the export bank.
  • Despite any non-payment by the borrower under the export loan, the export bank is required to continue making payments to the sector banks BNG Bank and NWB Bank under the refinance agreement (no suspension rights).
  • Any (i) early (p)repayment by the export bank under the refinance agreement to the sector banks BNG Bank and NWB Bank or (ii) CIRR finance which is not fully drawn by the export bank under such agreement, is subject to breakage costs (make whole).
  • The promise of cover for the CIRR finance has a duration of 6 months. The first roll-over of this promise of cover for an additional 6 months occurs automatically, the second roll-over will be subject to internal approval within Atradius DSB.

Related documents


The statements made herein are provided solely for general informational purposes and should not be relied upon for any purpose. Please refer to the actual policy or the relevant product or services agreement for the governing terms. Nothing herein should be construed to create any right, obligation, advice or responsibility on the part of Atradius, including any obligation to conduct due diligence of buyers or on your behalf. If Atradius does conduct due diligence on any buyer it is for its own underwriting purposes and not for the benefit of the insured or any other person. Additionally, in no event shall Atradius and its related, affiliated and subsidiary companies be liable for any direct, indirect, special, incidental, or consequential damages arising out of the use of the statements made information herein.