The Budget Law (Haushaltsgesetz) of the Federal Republic of Germany for the year 1999 which came into force on June 21 1999 with retroactive effect from January 1 1999 permits non-EU credit institutions which participate in a Hermes covered project financing to become direct beneficiaries of the coverage. Accordingly, the former requirement that non-EU credit institutions can participate in a Hermes covered project financing only by means of a subparticipation and a trust agreement with a Hermes eligible bank does not any longer exist.

For further information on this topic please contact Ulrich Mannsfeldt at Freshfields Bruckhaus Deringer by telephone (+49 69 27 30 80) or by fax (+49 69 23 26 64) or by e-mail ([email protected]).

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