Germany, France join UK to halt Airbus export credit guarantee

Airbus Group temporarily lost export-credit guarantees from Germany and France, a week after the UK halted support for financing new planes, putting strain on some potential buyers. UK Export Finance said last week it would suspend support for Airbus after the planemaker informed regulatory authorities of “inaccuracies” in a number of applications. The suspension will remain in place until the company provides “satisfactory” assurances over its dealings with “overseas agents.” Airbus spokesman Rainer Ohler said today German, French and UK export agencies typically act in concert. Germany’s federal Ministry for Economic Affairs and Energy said it is undertaking its own investigation, with Airbus cooperating. Applications for new export credit guarantees in Germany are suspended pending completion of the evaluation. Germany hasn’t yet determined whether existing guarantees by its government for commercial loans offered to help finance Airbus planes would be affected. If existing loans are affected, that could endanger shipments of Airbus planes whose sales required financing backed with government guarantees.<br/>