Release by Coface relating to the management of State export credit guarantees

The French State has just announced today that it is about to launch a study that might result in the reconsideration of the management by Compagnie française d’assurance pour le commerce extérieur, a fully owned subsidiary of COFACE SA, of State export credit guarantees.

Coface has been managing these guarantees since 1946 and in return for expenses incurred receives a fee which was €59.9m for 2014, i.e around 4% of its global turnover.

Coface will engage in discussions with the French State that will focus on the relevance of such an orientation and its overall consequences, whether legal, social, financial or operational, should such a course of action be taken.