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IMC - Interministerial Committee

On behalf of the Federal Government

Budgetary responsibility for this instrument for the promotion of exports lies with the Federal Government. They decide on basic issues of cover policy and the granting of guarantees in an Interministerial Committee (IMC).

Back in 1949 the Federal Government issued a mandate entrusting the management of the export guarantee scheme to two private companies today called Euler Hermes Kreditversicherungs-AG and PwC. Since Euler Hermes is lead partner in this consortium, this type of cover became known among German companies as "Hermes Cover". Long years of experience have given the two companies a comprehensive know-how base in the export finance field and export credit cover. They offer a customer-focused consultancy service to exporters and banks. In close cooperation with them, they prepare the cover applications for the decision to be made by the Federal Government. After cover has been granted by the Federal Government, the Euler Hermes and PwC experts stand ready to accompany the insured companies with ongoing advice on the project in hand. In the event that receivables are lost, they process claims without delay.

IMC - Interministerial Committee

  • BMWi Federal Ministry of Economics and Technology- lead function -
  • BMF Federal Ministry of Finance
  • AA Federal Foreign Office
  • BMZ Federal Ministry for Economic Cooperation and Development

Mandatary consortium

  • Euler Hermes Kreditversicherungs-AG
  • PricewaterhouseCoopers Aktiengesellschafts Wirtschaftsprüfungsgesellschaft

Experts

The IMC decides on the applications for cover

The mandatary consortium members, Euler Hermes and PwC, prepare the cover applications for a decision. The principal criteria for granting a guarantee are eligibility for cover and whether the transaction can be justified on the grounds of the risk involved. The Federal Ministry of Economics and Technology, which has the lead function, decides on the merits of an application for cover in the Interministerial Committee (IMC) with the Federal Ministry of Finance approval and after agreement has been reached in consultation with the Federal Foreign Office and the Federal Ministry for Economic Cooperation and Development.

Besides these four ministries' representatives, the two members of the consortium charged with handling the scheme, Euler Hermes and PwC, take part in the meetings of the IMC in an advisory capacity, as well as experts from industry, the banking sector and institutes which play an important role for exporting industry, thus ensuring decisions which are in line with the practical exporters' needs.

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