FOR IMMEDIATE RELEASE December 22, 2005
Phil Cogan, (202) 565-3200
WASHINGTON, D.C. -- For the past 18 months Ex-Im Bank has attempted to arrive at a commercially-reasonable resolution of the matter that would have enabled Air Nauru to continue to use the aircraft.
Ex-Im Bank made a final settlement offer prior to the ruling by the Australian High Court on December 16, 2005. That offer would have enabled Air Nauru to continue to use the aircraft. Air Nauru rejected that final offer.
Following the High Court ruling, Ex-Im Bank had no choice but to cease discussions and accordingly, contrary to published reports, Ex-Im Bank has not been in active detailed discussions with any entity, including Nauru, concerning the aircraft.
Ex-Im Bank this year marks its 71st year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2005 Ex-Im Bank authorized nearly $14 billion in transactions supporting almost $17.9 billion in U.S. exports. This represented 3,128 transactions, of which 2,617, or over 80%, directly benefited small businesses. For more information on the Export-Import Bank of the U.S. visit www.exim.gov.