About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

24 Air & Space Law. 1 (2011-2012)

handle is hein.journals/airspaclaw24 and id is 1 raw text is: AIR L A AMERICAN BAR ASSOCIATION THE & SPACE W B R VOLUME 24, NUMBER 1, 2011 The 2011 Aircraft Sector Understanding: Calming the Turbulent Skies By Dean N. Gerber In response to the significant reduction in cred- it available from commercial banks and capital markets in recent years due to the global eco- nomic downturn, export credit agencies (ECAs) of the countries that produce commercial aircraft sig- nificantly increased their support for new aircraft from approximately 15-20 percent of total deliver- ies to 30-40 percent. This increased support gave rise to accusations of unfairness in ECA financing availability. It also united rival manufacturers and pitted airlines and commercial banks against gov- ernments in a dispute over the role ECAs play in supporting sales of commercial aircraft. In response to this dispute and the perceived inadequacies in the existing rules governing ECA-sponsored financ- ing, representatives from the United States, the European Union, Canada, Brazil, and Japan met in Paris in February 2011 and agreed to a new understanding to the arrangement on officially supported ECAs for civil aircraft. The new under- standing, called the Aircraft Sector Understanding (2011 ASU),' supersedes the 2007 Aircraft Sector Understanding (2007 ASU).2 The Large Aircraft Sector Understanding For many years, ECA financing has played a sig- nificant role in supporting the sale of new aircraft. continued on page 14 Forum on Air and S pa c e La w

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most