Ex-Im Closed to New Business; Will Honor Existing Arrangements

摘要

The U.S. Export-Import Bank, as expected, closed its doors to new business July 1 following the U.S. Congress' inability to renew bank authorization, but said all existing loans and guarantees will be maintained and carried to their maturity. The same U.S. industry officials who had hoped Congress would approve an llth-hour reauthorization said Ex-lm is likely to be shuttered only for a few months, the time needed for congressional backers to regroup. Congressional opponents to Ex-lm have marshaled several arguments on their behalf, but the common thread - backed by some U.S. airlines - is that the bank is an unnecessary government hand on the scales of the free market. In a statement on its website resembling a front-door home-foreclosure notice and titled "AUTHORITY HAS LAPSED," Ex-lm said: "All preexisting loans, guarantees and insurance policies will continue in full force and effect. We will process and close all previously approved transactions, which will also continue in full force and effect according to their terms. The Bank will continue to manage all transactions in its portfolio until maturity, including issuing waivers and amendments (other than those which increase the Bank's exposure).