2011 508 accessible version - Export-Import Bank of the United States

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The Bank continued its practice of distrib uting the survey to respondents over theinternet. This year, the survey was admini stered with a newly-designed, more userfriendlysurvey platform. By using internet distribution, Ex-Im Bank has been able toreach a greater number of Bank customers as respondents to the survey with the explicitgoal of gathering a broader and more representative population of Bank customers.Ex-Im Bank carefully evaluated the quality of each survey response. Some specificresponses were discarded if a respondent grad ed a program or feature with which it hadexplicitly noted or exhibited no experience. The survey results are used throughout theReport, specifically in each chapter, as a component that impacts the competitiveness ofeach select component or policy. Appendix C provides back ground on the surve ymethodology and respondents.Focus Group MethodologyIn addition to the annual survey of the ex port community, the report also incorporatesthe results from focu s group discussions—two with commercial lenders and anotherwith exporters. The focus gr oups are a venue f or Ex-Im staff to elicit m orecomprehensive information on market tr ends and hear anec dotal experience f rommembers of the export community. This info rmation is used to s upplement the surveyresponses. While individual focus group comments are occasionally cited in this report,these individual comments were chosen because they best represent the general view ofthe group.Benchmarking Study MethodologyFor year one of the t wo-year benchmarking study, the Bank broadened the scope of it sresearch through interviews with ECAs, fo reign lenders, and international companiesfamiliar with ECA financing (referred to as “buyers” throughout the Report). The goal ofthe interviews was to better understand the scope and impact of official financing notgoverned by the OECD Arrangement. Ex-I m staff conducted a total of 49 interviews,including 17 buyers, 12 ECAs, two distri butors, two U.S. c ompanies with globalprocurement, four U.S. Comme rcial Service offices, and 12 foreign len ders. Theseinterviews were conducted in Mexico, Brazil, India, Switzerland (corporate headquartersbased in Switzerland for sales into Former So viet Union/CIS), Korea, and Japan. Ex-I mstaff also attended conferences to further study export finance tr ends. (See Chapter 8Annex II for more information on interview methodology.)During year two of the study, Ex-Im will la unch a new lender and exporter survey. Thissurvey will also include short-term participants. Ex-Im intends to conduct follow-upinterviews with buyers, international lenders, and ECAs to supplement the first year’sfindings.Report StructureThis year’s report follows the same structure used in last year’s report. The Ex-Im BankAdvisory Committee Statement follows directly after the transmittal letters to membersof Congress. The Executive Summary, which prec edes Part I, provides an overview ofthe major findings of the Re port. Following the Executive Summary and this10
introductory Chapter 1, Chapter 2 focuses on the intern ational framework within whichofficial ECAs operated in 2011 and the p hilosophies and missions of competing G -7ECAs. Chapter 3 evaluates Ex-Im Bank’s competitiveness on the core financing elementsof official export credit support. Chapter 4 provides a comparativ e assessment of howwell the financing elements are packaged into major programs (aircraft, project finance,co-financing, foreign currency guarantees, and services exports support). In Chapter 5,the evaluation of competitiveness addr esses U.S. economic philosophy a ndcompetitiveness as evidenced by its approaches to (a) tied and untied aid and (b) MarketWindows. Chapter 6 evaluates stakeholder con siderations embodied in public polic iesand the lo ng-term competitive implication s of these policies on Ex-Im Bank activity.Chapter 7 summarizes Ex-Im Bank’s overall competitiveness, taking into account corefinancing elements, major programs, and U. S. economic philosophy and public policies.Chapter 8 discusses the benchmarking study’s first year fi ndings regarding unregulatedand exceptional financing by ECAs in OECD and non-OECD countries and the effect ofthis financing on Ex-Im’s competitive ranking.The appendices following the body of the Re port include a 2011 Ex-Im Bank transactionlist showing the purpose of the Bank’s support, Ex-Im Bank efforts to support renewableenergy, and other ma terials intended to pr ovide greater detail and insight into Ex-ImBank efforts to meet it s Congressional mandates while maintainin g a focus on exportercompetitiveness.11
Page 3: FRED P. HOCHBERGCHAIRMAN AND PRESID
Page 6 and 7: Fourth, the Advisory Committee enco
Page 8: 2011 Competitiveness ReportTable of
Page 11 and 12: With respect to interest rates, the
Page 13 and 14: Chapter 1: IntroductionBackgroundIn
Page 15: from lenders and exporters. See App
Page 19 and 20: Export TrendsFigure 1 depicts the g
Page 21 and 22: Figure 3 illustrates that overall c
Page 23 and 24: Figure 5A illustrates the dra matic
Page 25 and 26: To support its core mission, Congre
Page 27 and 28: Non-sovereign risk taking is define
Page 29 and 30: programs are no longer a viable o p
Page 31 and 32: Consequently, ECA di rect loans bec
Page 33 and 34: Figure 8: ASU CIRR versus Non-Aircr
Page 35 and 36: Figure 11: CIRR and IMU Surcharges,
Page 37 and 38: Chapter 3: Core Business Policies a
Page 39 and 40: premium package will be very m uch
Page 41 and 42: Chapter 3: Core Business Policies a
Page 43 and 44: jets) that are made by, for example
Page 45 and 46: since the 2009 high water mark, ECA
Page 47 and 48: Figure 15: Percentage of Total Larg
Page 49 and 50: Chapter 4: Major Program Structures
Page 51 and 52: While those factors holding down th
Page 55 and 56: Ex-Im Bank & Co-Financing ECA Marke
Page 59 and 60: Africa. The Kusile project met the
Page 61 and 62: ECAs, may result in foreign buy ers
Page 63 and 64: payment. 3 While most hard currency
Page 65 and 66: Figure 21: G-7 ECA Foreign Currency
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Chapter 4: Major Program Structures
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amount of services supported annual
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Chapter 4:Major Program StructuresS
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Figure 24: Aid Credit Volume by Typ
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Korea was the third largest donor (
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Exporter and Lender Survey and Focu
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interests” of Italy. In 2011, SAC
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world, as noted in Chapter 8. Nonet
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Chapter 6: Public Policies - Stakeh
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excess demand as compared to expect
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Figure 34: Comparison of Content Po
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Figure 36: Recent Trends in Ex-Im B
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During 2011, MARAD granted 16 waive
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TrendsFigure 41 illustrates the fiv
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Chapter 8: Benchmarking the Export
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capital equipment) were competitive
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Figure 44: Summary of Lender & Buye
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particularly in Asia (e .g., Japan,
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U.S. exporters and their buyers fac
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Chapter 8Annex I EXPORT CREDIT LAND
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Figure 46: New Medium- and Lon2006
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Typically, the untied loan is used
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in the short-run, while gaining lon
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In effect, t his chapter constructs
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knowledgeable buyers. Ex-Im gathere
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Chapter 8Annex III Foreign Buyer qu
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Chapter 8Annex V Foreign Lender Int
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Appendix A: Calculation of Ex-Im Ba
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Appendix B: Purpose of Ex-Im Bank T
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Part 3:Part 4:Respondent ratings of
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Figure C3: Lender Experience Levels
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COFACE/France, and NEXI/Japan in a
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China Export and Credit Insurance C
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RussiaThe Bank for Developmen t and
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Dominican RepublicDominican Republi
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Mexico Large Aircraft $8,530,600 47
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governed by the He lsinki Disciplin
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However, traditional tied aid donor
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Indonesia in terms of volume ($3.6
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Ex-Im Bank issued one Tied Aid Lett
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In sum, U.S. exporter experience wi
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Appendix FAnnex II Key Tied Aid Eli
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Appendix FAnnex IV Projects General
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Appendix H: Equal Access for U.S. I
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As shown in Figure I1, highlights r
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2. Policy implementation: Ex-Im Ban
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Appendix K: Legal and Regulatory Re
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concurrent with the first 30 days o
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