CIRR-finance is available for most (non-military) export transactions for Dutch exporters through Atradius DSB.




CIRR garantie




What is CIRR?

As agreed in the Arrangement on Officially Supported Export Credits, CIRR (Commercial Interest Reference Rates) is a low fixed (minimum) rate which applies for export finance loans. Your bank can apply for CIRR financing through which your borrower abroad can obtain a credit at a recognized fixed interest (CIRR) rate. This arrangement is an agreement between the Dutch Ministry of Finance and the NWB Bank (being the “CIRR funder”).

What is the advantage?

Dutch exporters find this product particularly interesting because it offers foreign buyers a possibility to obtain financing at a recognized fixed rate. As a consequence, the buyer can calculate its total financing costs beforehand.

How is does it work?

  • The applying export bank needs to have a rating, which is at least investment grade (so BBB- or better).
  • Through the Atradius DSB application form “Buyer Credit Insurance Policy”, the export bank must also apply for CIRR financing. The NWB Bank will be informed by Atradius DSB as soon as the application is received, so the NWB Bank can decide whether CIRR financing is available for this particular export transaction. Usually this will be the case. Military transactions are excluded. Atradius DSB will issue to the export bank a promise of cover for the Buyer Credit Insurance Policy as well as for the CIRR financing.

As of the date that all conditions precedent of the export loan have been fulfilled, the following documents will be signed on the same day (“Effective Date”):

  • The refinancing agreement between the NWB Bank and the export bank, in which the NWB Bank will formalize the applicable CIRR tariff
  • The deed of pledge regarding the export loan, and the recourse agreement, between the export bank and Atradius DSB.
  • The CIRR export credit guarantee that will be issued by Atradius DSB to the benefit of NWB Bank.
  • The Buyer Credit Insurance Policy that will be issued by Atradius DSB to the export bank.

The NWB Bank provides the export bank with CIRR financing (through the refinancing agreement) in accordance with a pre-agreed drawdown schedule, irrespective of any future changes to a drawdown schedule under the export loan (e.g. due to delays or other circumstances). In most cases CIRR will be refinanced as soon as the export credit is fully drawn. A solution for flexible drawing schedules is being developed, please contact us to learn about the possibilities.

  • In the refinancing agreement, the CIRR rate will be equal to CIRR minus 35 bps (EUR) or CIRR minus 20 bps (USD), increased with a potential forward premium that may apply if drawdowns take place after the Effective Date. The total CIRR rate is subject to the rate not being negative (floored at 0) and no adverse market circumstances prevailing in respect to the NWB Bank.
  • No commitment fee or arrangement fee will be charged by the NWB Bank.
  • Notwithstanding any (event of) default in respect of any payment by the borrower under the export loan, the export bank is required to continue making payments to the NWB Bank under the refinancing agreement (no suspension rights).
  • Any (i) deviation from the drawdown scheme by the export bank under the refinancing agreement or (ii) any early (p)repayment by the export bank under the refinance agreement, is subject to breakage costs (make whole).

The Atradius DSB promise of cover for CIRR financing 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.

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