Identifier
Created
Classification
Origin
07LISBON279
2007-01-30 15:01:00
UNCLASSIFIED//FOR OFFICIAL USE ONLY
Embassy Lisbon
Cable title:
PORTUGAL'S EXPORT CREDIT AGENCY: NO EXPOSURE IN
how-toVZCZCXYZ0217 RR RUEHWEB DE RUEHLI #0279 0301501 ZNR UUUUU ZZH R 301501Z JAN 07 FM AMEMBASSY LISBON TO RUEHC/SECSTATE WASHDC 5529 INFO RUEHSS/OECD POSTS COLLECTIVE RUEHGG/UNSC COLLECTIVE RUEKJCS/SECDEF WASHDC RHEHNSC/NSC WASHDC RUCPDOC/DEPT OF COMMERCE WASHDC RUEATRS/DEPT OF TREASURY WASHDC
UNCLAS LISBON 000279
SIPDIS
SENSITIVE
SIPDIS
STATE FOR EB/IFD/ODF - LADD CONNELL
EB/IFD/OMA - JAMES GARRY
NEA/IR - BRENDAN HATCHER
IO/T - HEATHER VON BEHREN
E.O. 12958: N/A
TAGS: EFIN MNUC PREL EXIM UNSC OECD IR PO
SUBJECT: PORTUGAL'S EXPORT CREDIT AGENCY: NO EXPOSURE IN
IRAN
REF: STATE 4760
UNCLAS LISBON 000279
SIPDIS
SENSITIVE
SIPDIS
STATE FOR EB/IFD/ODF - LADD CONNELL
EB/IFD/OMA - JAMES GARRY
NEA/IR - BRENDAN HATCHER
IO/T - HEATHER VON BEHREN
E.O. 12958: N/A
TAGS: EFIN MNUC PREL EXIM UNSC OECD IR PO
SUBJECT: PORTUGAL'S EXPORT CREDIT AGENCY: NO EXPOSURE IN
IRAN
REF: STATE 4760
1. (SBU) Ministry of Finance Coordinator Teresa Costa told
post that Portugal's Export Credit Agency, COSEC, did not
have any exposure in Iran, according to September 2006
records. Costa did note that Iran is open for both short and
mid/long term export credit insurance, the former requiring
an irrevocable letter of credit or bank guarantee and the
latter a sovereign guarantee. COSEC mostly extends coverage
to operations in Angola, Mozambique and Cape Verde.
2. (SBU) The State's Financial Guarantees Council (FGC) sets
the guidelines by which COSEC extends export credit
insurance, bond insurance and project financing. The
government is in the process of reconfiguring the FGC to
include a member from the Ministry of Foreign Affairs in
addition to current representatives from Finance, Commerce
and Banking. Foreign Minister Amado has been outspoken in
publicly calling for sanctions against Iran, and Costa did
not believe there was much, if any, interest in Portugal in
doing business with Iran. She promised to pass reftel points
on to the FGC.
Hoffman
SIPDIS
SENSITIVE
SIPDIS
STATE FOR EB/IFD/ODF - LADD CONNELL
EB/IFD/OMA - JAMES GARRY
NEA/IR - BRENDAN HATCHER
IO/T - HEATHER VON BEHREN
E.O. 12958: N/A
TAGS: EFIN MNUC PREL EXIM UNSC OECD IR PO
SUBJECT: PORTUGAL'S EXPORT CREDIT AGENCY: NO EXPOSURE IN
IRAN
REF: STATE 4760
1. (SBU) Ministry of Finance Coordinator Teresa Costa told
post that Portugal's Export Credit Agency, COSEC, did not
have any exposure in Iran, according to September 2006
records. Costa did note that Iran is open for both short and
mid/long term export credit insurance, the former requiring
an irrevocable letter of credit or bank guarantee and the
latter a sovereign guarantee. COSEC mostly extends coverage
to operations in Angola, Mozambique and Cape Verde.
2. (SBU) The State's Financial Guarantees Council (FGC) sets
the guidelines by which COSEC extends export credit
insurance, bond insurance and project financing. The
government is in the process of reconfiguring the FGC to
include a member from the Ministry of Foreign Affairs in
addition to current representatives from Finance, Commerce
and Banking. Foreign Minister Amado has been outspoken in
publicly calling for sanctions against Iran, and Costa did
not believe there was much, if any, interest in Portugal in
doing business with Iran. She promised to pass reftel points
on to the FGC.
Hoffman