UK: Airbus funding support halted on reporting ‘inaccuracies’

Airbus Group temporarily lost export-credit funding after the aircraft-maker informed UK regulatory authorities of “inaccuracies” in a number of applications, putting financial strain on some would-be purchasers. UK Export Finance will halt support for Airbus until the aircraft-maker provides “satisfactory” assurances over its dealings with “overseas agents,” the agency said in an emailed statement on Monday. Airbus is cooperating with relevant export-credit agencies to re-establish the financing, which is used on less than 10 per cent of its plane sales. The company didn’t say whether any deliveries would be affected as it works to reserve the issue as soon as possible. “The group believes that although some export-credit financing will be temporarily unavailable, the affected customers will be able to resume obtaining such financing or refinancing in the near future,” Airbus said late Friday. The financing halt comes amid increased scrutiny about the role played by cross-border intermediaries in multinational deals.<br/>