Definition of "official export credit agency" for the calculation of deduction for non-performing exposures

Article 47c(4a) of the CRR exempts the part of a non‑performing exposure guaranteed or insured by an “official export credit agency” (ECA) from the deduction requirements laid down in Article 47c. However, the CRR does not define the term “official export credit agency”. In this context, what are the criteria for qualifying as an “official export credit agency” and how can it be determined whether an export credit agency and the guarantee or insurance provided meets the criteria for applying the derogation as provided in CRR Article 47c(4a)?

Article 47c(4a) CRR states that “the part of the non‑performing exposure guaranteed or insured by an official export credit agency shall not be subject to the requirements laid down in this Article.” However, the CRR III does not define what constitutes an “official” export credit agency, nor does it provide criteria for determining when an ECA qualifies as such. This creates uncertainty in the calculation of deductions for insufficient coverage of non‑performing exposures (NPEs). A clear classification standard is therefore important for ensuring consistent NPE and RWA calculations for minimum capital requirement purposes. CRR Article 4(1)(81) refers to ‘official export credit agency’ in the definition of ‘officially supported export credits’: ‘loans or credits to finance the export of goods and services for which an official export credit agency provides guarantees, insurance or direct financing’. Although no explicit reference is made to the Regulation (EU) No 1233/2011 of the European Parliament and of the Council - on the application of certain guidelines in the field of officially supported export credits, it may be interpreted that ‘officially supported export credits’ as defined in the CRR would need to meet the requirements in that Regulation. The latter Regulation refers to the Arrangement on Officially Supported Export Credits of the OECD as the framework governing the financial terms and conditions that ECAs may offer. ECA’s that operate and participate under this Arrangement may in that sense be regarded as ‘official export credit agency’.