Definition: Berne Union

Category: External debt - IMF

The International Union of Credit and Investment Insurers. This Union is an informal association of export credit insurance agencies, founded in 1934. The two main objectives of the Berne Union are the promotion of the international acceptance of sound principles in export credit insurance and investment insurance, and the exchange of information relating thereto. The almost 50 members meet twice a year to exchange information and seek to establish common standards, for instance on the appropriate down payment and repayment periods for various kinds of exports. Informal credit ratings of the borrowing countries are maintained. They also consult with each other on a continuing basis, and cooperate closely. All members participate as insurers and not as representatives of their governments. http://ec.europa.eu/eurostat/ramon/statmanuals/files/external_debt_guide_2003_EN.pdf#page=255