Airbus A350 XWB

France, Germany halt Airbus export credit amid UK probe

France and Germany have joined Britain in suspending export credit facilities for Airbus jet deliveries, several people familiar with the matter said on Friday.

The move follows Britain’s decision last week to suspend export financing and alert the country’s Serious Fraud Office after Airbus Group said it had uncovered discrepancies in past applications and that it had itself notified the UK authorities.

Britain, France and Germany typically act in concert in supporting some aircraft exports, taking a share of financing in proportion to the amount of industrial work in each country and declining to take up the slack when one agency withholds credit.

A German economy ministry spokesman confirmed that the financing, provided on its behalf by Allianz unit Euler-Hermes, was no longer available on this basis. Berlin is also examining whether the UK episode could have consequences for export credits already awarded, he added.

In France, three sources said export credits were no longer available for the time being.

Airbus Group declined to add to a previous statement that it was co-operating with export credit agencies and that it expected the financing to be resumed in the near future

Leave a Comment