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Congress allows Ex-Im Bank to expire

July 2 - The US Export-Import Bank's (Ex-Im Bank) charter has expired, after members of Congress failed to reauthorise the 81-year-old bank by July 1.

The lapse in authority means that the bank and any of its delegated authority lenders cannot authorise any new transactions. All pre-existing loans, guarantees, and insurance policies will continue in full force and effect, confirmed the bank, adding that it will process and close all previously approved transactions.

The bank will continue to manage all transactions in its portfolio until maturity, including issuing waivers and amendments (other than those which increase the bank's exposure), said the federal government agency.

A statement on the US Ex-Im Bank's website reads: "Naturally, we understand that this uncertainty is causing serious concern among businesses and their workers across the country as thousands of entrepreneurs try to make long-term plans to grow, hire, and invest in innovation."

The bank confirmed that it is fully appropriated through the 2015 financial year and will be able to continue operating after July 1, 2015.

HLPFI reported on June 2 that UTC Overseas was urging the Congressional renewal of the US Ex-Im Bank, due to its importance for the USA's exports, economic growth, job stimulation and foreign policy, as well as UTC's own project shipments and those of others involved in the project logistics industry.

www.exim.gov

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