Export Credits Guarantee Department (ECGD) meaning

ARCHIVED: This Practice Note has been archived and is no longer updated. It is provided for background information only. Introduction Despite its title, the Small Business, Enterprise and Employment Act 2015 (SBEEA 2015) has general effect across UK companies, not just small and medium-sized enterprises. While the Act chiefly concerns corporate matters and company administration, certain elements may influence financing transactions and warrant attention from finance practitioners. These include: the abolition of bearer shares powers enabling the override of prohibitions on invoice assignment modifications to the powers of the Export Credits Guarantee Department (ECGD) adjustments to administrators’ and liquidators’ powers with implications for insolvency and restructuring practice streamlining of public procurement processes changes to company administration The SBEEA 2015 received Royal Assent on 26 March 2015 and is being brought into force in stages. For the timetable indicating when specific provisions commence, see Practice Note: The Small Business, Enterprise and Employment Act—company law reforms [Archived]. Bearer...

Banking & Finance glossary A Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) The foremost Islamic, international, autonomous, independent, not-for-profit corporate body that develops and issues accounting, auditing, governance, ethics and Shari’ah benchmarks and standards for Islamic Financial Institutions (IFIs) and the wider Islamic finance sector. Founded in Bahrain in 1991, it is backed by a number of institutional members across more than 45 countries, including central banks and regulatory authorities, financial institutions, accounting and auditing practices, and legal firms. Its pronouncements are currently applied by leading Islamic financial institutions across the world and have advanced a progressive and gradual harmonisation of global Islamic finance practice. It also delivers professional qualification programmes—notably Certified Islamic Professional Accountant (CIPA), Certified Shari’ah Adviser and Auditor (CSAA), and the corporate compliance programme—in efforts to strengthen the industry’s human capital and governance frameworks. For further details, see Practice Note: Key participants in the Islamic finance industry—Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Acceleration Acceleration is the formal action...

Commercial aircraft can be funded through a variety of channels, including backing from governmental or quasi-governmental bodies known as export credit agencies (ECAs). The extent of ECA involvement in aircraft financing generally shifts with the supply of commercial funding available in the market. During periods of financial stress, when private finance is harder to secure, the share of aviation transactions supported by ECAs typically rises, and the reverse applies in stronger conditions. In recent years, the level of ECA support has moved more sharply than usual. Historically, the principal ECA-backed aircraft finance transactions related to Airbus and Boeing fleets. As many Airbus models are partly produced in the UK, France and Germany, the ECAs most commonly involved in financing Airbus aircraft have traditionally been: Export Credits Guarantee Department (ECGD), a department of the UK government trading as UK Export Finance (for further details, see Practice Note: UK Export Finance (UKEF)) Bpifrance Assurance Export, the French export credit agency...