The Netherlands extends the TASK facility

The TASK facility, which insures short-term trade credits, is to become less expensive and more accessible. As a result, more companies will be able to use it.

The facility will become less expensive, because the contribution to be paid by the companies will decrease from 1.5% to 1% per quarter. In addition, the terms and conditions have been adapted, so that more companies will qualify for insurance in the amended TASK facility. The scheme will run up to and including 31 December 2010.

The TASK facility has been set up, because companies were unable to obtain sufficient insurance on trade credits in some cases as a result of the credit crunch. This can be an obstruction for trade. The TASK facility is a temporary supplementary state insurance offering companies the opportunity to double the limits insured with the insurance companies while being covered by the government. This government facility is implemented by private credit insurance companies, so that the companies can go to their own insurance companies in order to make use of this facility.