The European Commission authorizes the new German ship-financing guarantee schemes

"The new German ship-financing guarantee schemes: Commission gives green light"*Introduction On 16 December 2003 the European Commission decided to approve a new German proposal of ship financing guarantees. The guarantees will be operated in Germany’s five coastal Länder (Niedersachsen, Bremen, Hamburg, Schleswig-Holstein and Mecklenburg-Vorpommern) and provide public fallback guarantees with respect to credits granted for the financing of ships built in German yards. The Commission approved the schemes for a period until 31 December 2006. Prior to that date, the Commission will review the functioning of the new system in light of the experience gained within the first three years. The novelty of the German schemes consists in the introduction of risk differentiation. While in the

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Max Lienemeyer, Kai Struckmann, The European Commission authorizes the new German ship-financing guarantee schemes, 16 December 2003, e-Competitions Bulletin December 2003, Art. N° 36884

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