Jeg har gennemgået ESA's dokument "ESA - COVID-19 Guarantee scheme for airlines". Her er en rekke detaljer som jeg syntes at det er værd at få frem.


Hvad er varigheten av dette tiltak?

(30) The measure will be in effect for a period of three months, from 31 March to 30 June 2020, following ESA’s approval.

Det betyder at NAS først formelt har haft mulighet for at benytte dette tiltak fra tirsdag. Der var en skribent herinde som i en overskirft kom med den påstand at NAS allerede har brukt de 300 mio NOK som kom ind i trin 1 i tiltaksprogrammet. Jeg tvivl på at NAS har haft tilgang på penge før 31. marts. Så jeg tvivl stærkt på at den påstand er korrekt.


Er støtten uavhengig av støtte fra andre lande?

"(25) GIEK (The Norwegian Export Credit Guarantee Agency) will determine the maximum guarantee amount for each beneficiary based on their size and need for liquidity as a result of the COVID-19 outbreak. These criteria will be applied in a general and non-discriminatory manner for all beneficiaries. If a beneficiary receives support from other EEA States, this will be taken into account when determining the need for liquidity and the size of the guarantee."

Det betyder at den norske regering kan ta ind i deres overvejelser at SAS fik støtte fra Danmark og Sverige men NAS blev blokkeret i Sverige pga krav om HQ i Sverige. Jeg håber at de noske myndigheter/GIEK bruker denne "sikkerhetsventil".


Hvad er renten og varigheten på de lån som NAS kan oprette indenfor garanti-rammen?

"the duration of the guarantees is limited to two years and the minimum guarantee premium for all undertakings will be 1% (i.e. 100 bps)," (avsnit 48)

"guarantees under the measure are only available for a period of three months from the date of ESA’s approval"

Det bliver interessant at se om GEIK presser igennem at disse lån skal laves på credit risk margin på 100 bps.


Hvad er de formelle krav til støtte for NAS?

(17) For undertakings that did not fulfil the equity ratio requirement of 8% at the end of the last quarterly reporting before the COVID-19 outbreak, GIEK can provide a public guarantee in tranches whilst the undertaking works to improve its financial situation. This mechanism is available to all undertakings that do not fulfil the 8% equity ratio.

(i) The first tranche of the guarantee is limited to 10% of the beneficiary’s total guarantee amount as determined by GIEK. The beneficiary does not need to comply with any special conditions to benefit from the first tranche.

(ii) The second tranche of the guarantee is limited to 40% of the maximum guarantee amount as determined by GIEK. To receive the second tranche, the beneficiary must obtain a moratorium. Essentially, this implies that the beneficiary must obtain consent from all of its financial creditors for a suspension of payment of instalments and forgiveness of interest payments, for a period of no less than three months. During the three-month period, the beneficiary must take steps that would have resulted in an equity ratio of 8% at the end of the last quarterly reporting before the COVID-19 outbreak. If the requirement for an equity ratio of no less than 8% is not complied with by the end of the moratorium period, the facility and guarantee will terminate immediately.

(iii) The third tranche of the guarantee is for the final 50% of the maximum guarantee amount as determined by GIEK. The third tranche is available once the beneficiary fulfils the 8% equity ratio requirement.

Det er værd at bemærke at (ii) og (iii) henger sammen. Det betyder at den løsning som NAS skal implementere må ta højde for at begge dele kan opfyldes.