Bill
Export Finance and Insurance Corporation Amendment (Direct Lending and Other Measures) Bill 2014
passed, as at 2015-03-19. Trade and Investment portfolio.
- Sponsor
- Not recorded
- Portfolio
- Trade and Investment
Recorded stages
- introduced — 2014-10-22
- second reading — 2014-10-22
- second reading — 2014-11-25
- other — 2014-11-25
- second reading — 2014-11-26
- second reading — 2014-11-26
- other — 2014-11-26
- third reading — 2014-11-26
- introduced — 2014-11-27
- second reading — 2014-11-27
- second reading — 2015-03-04
- second reading — 2015-03-04
- third reading — 2015-03-04
- passed — 2015-03-04
- royal assent — 2015-03-19
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2014-10-22.
The bill would expand the Export Finance and Insurance Corporation's ability to provide direct loans for export transactions of any goods, not only capital goods.
It would also require EFIC to pay a debt neutrality charge, a guarantee fee, and a tax equivalent payment so that its government ownership does not give it an unfair advantage over private competitors.
The bill removes the word 'capital' from the definition of an eligible export transaction in the Export Finance and Insurance Corporation Act 1991.
- Allows EFIC to lend directly for exports of all goods, not just capital goods.
- Applies competitive neutrality principles to EFIC's operations.
- Requires EFIC to make payments equivalent to taxes and a debt neutrality charge or guarantee fee, as determined by the minister.
Exporters, particularly small and medium-sized enterprises, and the Export Finance and Insurance Corporation.
Sources
em
billhome
frl act