Export credit insurance corporation of south africa ecic
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EXPORT CREDIT INSURANCE CORPORATION OF SOUTH AFRICA (ECIC). PRESENTATION TO PORTFOLIO COMMITTEE ON TRADE & INDUSTRY 8 MAY 2002. ECIC REGULATORY FRAMEWORK. 22 JUNE 2001 ECIC INCORPORATED UNDER COMPANIES ACT 27 JUNE 2001 ECIC REGISTERED AS INSURER BY FSB 27 JUNE 2001 AUDITORS APPROVED BY AG

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Export credit insurance corporation of south africa ecic

EXPORT CREDIT INSURANCE CORPORATION OF SOUTH AFRICA (ECIC)

PRESENTATION TO PORTFOLIO COMMITTEE ON TRADE & INDUSTRY

8 MAY 2002

1


Ecic regulatory framework

ECIC REGULATORY FRAMEWORK

22 JUNE 2001 ECIC INCORPORATED UNDER COMPANIES ACT

27 JUNE 2001 ECIC REGISTERED AS INSURER BY FSB

27 JUNE 2001 AUDITORS APPROVED BY AG

27 JUNE 2001 PROCLAMATION OF AMENDMENT ACT

20 JULY 2001 ACCOUNTANT-GENERAL APPROVED BANK ACCOUNTS

31 JULY 2001 MINISTER OF FINANCE APPROVED ECIC UNDER PFMA

06 AUGUST 2001 CREDIT INSURANCE COMMITTEE NOMINATION

FINALIZED

30 AUGUST 2001 ECIC AGREEMENT WITH MINISTER SIGNED

10 SEPTEMBER 2001 ECIC BOARD MEMBERS APPOINTED

22 NOVEMBER 2001 RESERVE BANK APPROVED EXCHANGE RISK COVER

2


Ecic functions

ECIC FUNCTIONS

  • FORMULATE EXPORT UNDERWRITING POLICY

  • EVALUATE POTENTIAL PROJECTS

  • ESTABLISH RATIONALE FOR SUPPORT

  • ASSESS EXPORT CREDIT RISK

  • STRUCTURE SECURITIES TO MITIGATE RISK

  • SET COUNTRY AND SECTOR CREDIT LIMITS

  • MANAGE AND DIVERSIFY EXPORT CREDIT RISK PORTFOLIO

  • MANAGE TOTALITY OF GOVERNMENT’S OBLIGATIONS

3


Ecic organisational framework

ECIC ORGANISATIONAL FRAMEWORK

4


Ecic staff composition

ECIC STAFF COMPOSITION

MALEFEMALETOTALBLACKWHITETOTAL

MANAGEMENT 3 - 3 1 2 3

PROFESSIONAL 4 6 10 7 3 10

ADMINISTRATION - 7 7 6 1 7

____ __________________________

7 13 20 14 6 20

35% 65% 70%__30%__

5


Reinsurance portfolio

REINSURANCE PORTFOLIO

SHORT TERM: PHASED OUT

30/06/0131/03/02

R3,1 BILLIONR40 MILLION

LONG TERM: CONTINUE

30/06/0131/03/02

R9,6 BILLION R8,7 BILLION

6


New business from 2 july 2002

NEW BUSINESS FROM 2 JULY 2002

EXPORTINVESTMENT

CREDITGUARANTEES

INSURANCE

APPLICATIONS544

APPROVED323

DECLINED101

IN-PROGRESS12-

EXPORT CREDIT INSURANCE

VALUE APPROVED: R7,5 BILLION

INVESTMENT GUARANTEES

VALUE APPROVED: R1,2 BILLION

7


Sadc 13 applications approved

SADC – 13 APPLICATIONS APPROVED

8


Total approvals 32

TOTAL APPROVALS - 32

9


Actual policies issued

ACTUAL POLICIES ISSUED

INSURANCEVALUE

5R3,5 BILLION

INVESTMENTSVALUE

1± R1 BILLION

10


Targets

TARGETS

STRATEGIC GOALS

  • CUSTOMERS

  • PERFORMANCE

  • ALLIANCES

  • STEWARDSHIP

    STRATEGIC PLANNING LEKGOTLA CONCLUDED

    5 MAY 2002

    REINSURANCE AGREEMENT MIGA JUNE 2002

    REFINEMENT OF LOCAL CONTENT DEFINITION

    BREAK EVEN CHALLENGE

11


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