Export-Import Bank Of The United States Annual Report
EXPORT-IMPORT BANKof the UNITED STATESANNUAL REPORT 2014
What isEx-Im Bank?iiIindependentagencyearning fortaxpayersEx-Im Bank is an independent,self-sustaining federal agencywhich operatesat no cost to U.S. taxpayers.In FY 2014Ex-Im Bank generateda surplus of 674.7 millionfor U.S. taxpayers.benefitingsmall businessespromotingjob creationNearly 90 percent of the numberof Ex-Im Bank’s authorizationsdirectly benefit small businesses,which does not include smallbusinesses benefiting indirectlyas suppliers to Ex-Im’slarger customers.Over the past five years,Ex-Im Bank authorizationssupported more than 1.3million American jobs.
MissionThe Export-Import Bank of the United States (Ex-Im Bank) is the officialexport credit agency of the United States. Ex-Im Bank is an independent,self-sustaining federal agency that exists to support American jobs byfacilitating the export of U.S. goods and services.When businesses in the United States or their customers are unable to access private export financing,Ex-Im Bank fills in the gaps for American businesses by equipping them with the tools necessary tocompete for global sales. In doing so, the Bank levels the playing field for U.S. exporters facing foreigncompetition in overseas markets.Because it is backed by the full faith and credit of the United States, Ex-Im Bank assumes credit andcountry risks that the private sector is unable or unwilling to accept. The Bank’s charter requires thatall transactions it authorizes demonstrate a reasonable assurance of repayment. The Bank consistentlymaintains a low default rate, and closely monitors credit and other risks in its portfolio.2014 Ex-Im Bank Leadership TeamLeft to right: Chairman and President Fred P. Hochberg, Vice Chair and First Vice President Wanda Felton, Board Director Patricia Loui, andBoard Director Sean Mulvaney.2014 ANNUAL REPORT I1
EXPORT-IMPORT BANKof the UNITED STATESTable of Contents 2.3tMission and Leadership1Global Map of Success Stories and Markets4Chairman’s Message6-8FY 2014 HighlightsOverall exports of Americangoods and services reached arecord 2.3 trillion this year,up from 1.4 trillion onlyfive years ago.9Supporting American Jobs10Success Story: Fritz-Pak11Keeping America Competitive12-13Success Story: SpaceX14-15Responsible Risk Management16-17A Focus on Our Customers18Success Story: SynTouch19Empowering American Small BusinessesWe’re gettingresults.Fred P. HochbergChairman and President6192ICONTENTSU.S. Map of Ex-Im Small Business Support by State22Success Story: Ace Pump Corp.23Success Story: Howe Corp.Ex-Im Bank is workingwith the private sector tosupport U.S. jobs.20-2124-25Supporting America’s Most Critical Industries26Success Story: Decas Cranberry Products27Building Infrastructure in Emerging Markets28-29Realizing Opportunities in Sub-Saharan Africa30-31Ex-Im Bankinsurance powersexports from aninnovative Americanstart-up.A small business is stilla leader in refrigeration100 years later.Vikram PanditResearch and DevelopmentTechnician, SynTouchMary HowePresident, Howe Corp.24
Success Story: W.S. Darley & Company32-33Notes to the Financial Statements78Financing Environmentally Beneficial Exports34Independent Auditors’ Report95Environmental Dynamics Success Story35Independent Auditors’ Report on Internal Control97A Commitment to the Environment36Directors and OfficersGenerating Revenues for the American Taxpayer37100EX-IM BANK REGIONAL EXPORTFINANCE CENTERSFY 2014 FINANCIAL REPORTFY 2014 Financial Report Table of Contents38Ex-Im Bank Portfolio39FY 2014 Authorizations40Management’s Discussion and Analysis of Resultsof Operations and Financial Condition50Management Report on Financial Statementand Internal Accounting Controls72Financial Statements’ Table of Contents73Balance Sheets74Statements of Net Costs75Statements of Changes in Net Position76Combined Statements of Budgetary Resources77Ex-Im Bank financesthe export ofAmerican-made firetrucks to Nigeria.Inside Back Cover“ We may be small,but we think big. In an age whereeverything seems to be madesomeplace else, we’re thriving herein Texas. Our success is due to hardwork, attention to customers’ needsand belief in the future. Yet there’s nodoubt this success is also in no smallpart due to the services provided byEx-Im Bank.”Gabriel Ojeda, President,Fritz-PakFritz-Pak success story on page 11Peter DarleyPart-Owner, Chief OperatingOfficer and Executive VicePresident,W.S. Darley & Co.322014 ANNUAL REPORT I3
EXPORT-IMPORT BANKof the UNITED STATESEx-Im Featured 2014 Success StoriesMADE IN THE USA, SOLD WORLDWIDE4IACE PUMP CORP. I Memphis, TNEXPORT: Industrial PumpsMARKETS: Paraguay, Chili, France, Belgiumand MexicoEx-Im Bank Product: Small Business Export CreditInsuranceSee page 23DECAS CRANBERRY PRODUCTS I Carver, MAEXPORT: CranberriesMARKETS: Worldwide, including South Africa,Thailand, Bosnia and HerzegovinaEx-Im Bank Product: Multibuyer Export CreditInsuranceSee page 27FRITZ-PAK I Mesquite, TXEXPORT: Concrete Additives and PlastersMARKETS: Worldwide, including Mexico, Brazil,India, and TaiwanEx-Im Bank Product: Small Business Export CreditInsuranceSee page 11HOWE CORP. I Chicago, ILEXPORT: Ice-Making EquipmentMARKETS: Worldwide, primarily Latin AmericaEx-Im Bank Product: Multibuyer Export CreditInsuranceSee page 24
68%of our authorizations this yearsupported U.S. exports toemerging markets, wherecommercial banks are often morereluctant to lend.SYNTOUCH I LOS ANGELES, CAEXPORT: Tactile-Sensing TechnologiesMARKETS: Worldwide, including China,Netherlands, Germany, and AustraliaEx-Im Bank Product: Export Credit InsuranceSee page 19ENVIRONMENTAL DYNAMICSINTERNATIONAL INC. (EDI) I Columbia, MOEXPORT: Water and Wastewater TreatmentMARKETS: India, China and TurkeyEx-Im Bank Product: Working Capital Loan GuaranteeSee page 35W.S. DARLEY & CO. I ITASCA, ILEXPORT: Firefighting TrucksMARKETS: NigeriaEx-Im Bank Product: Direct LoanSee page 32SPACEX I HAWTHORNE, CAEXPORT: Spacecraft LaunchesMARKETS: Israel, Hong Kong and BulgariaEx-Im Bank Product: Direct LoanSee page 14For more small business success stories, 14 ANNUAL REPORT I5
EXPORT-IMPORT BANKof the UNITED STATESChairman’s Message 27.5bIn FY 2014, Ex-Im Bank supported 27.5 billion worth of U.S. exportsand 164,000 export-related Americanjobs. Over the past six years, the Bankhas supported over 1.3 million jobs incommunities across the country.With the U.S. economy on the move—and with worldwide demand forquality, innovative goods on the rise—there have never been greateropportunities for American small businesses to prosper on the globalstage.Of course, there are obstacles, too—that’s something I can tell you from20 years of firsthand experience running a small business. Withstandingswings in the general economy, obtaining lines of credit, and reachingcustomers in new markets can pose a challenge to even the savviest andmost innovative entrepreneurs.Ex-Im Bank exists to equip American businesses with the tools they needto become more successful exporters. We know that when entrepreneursare empowered to win export sales against their foreign competitors,businesses grow, our economy improves, and layoffs are replaced with‘Now Hiring’ signs in communities across our country.In the following pages, you can see for yourself how Ex-Im Bank has madea positive impact for just a few of the thousands of American businessesthat come to us for export credit tools. If you’re a business owner, theseare the results we stand ready to deliver for you, too.THEY’RE ‘PLAN A’Let’s be clear: America’s private sector capital markets are the highestfunctioning, most efficient in the world, and do a great job of financingU.S. exports.But commercial banks don’t always have the capacity or willingness toequip American businesses that want to sell their goods and servicesoverseas. Even in strong economic periods, small businesses generallyhave trouble securing working capital loans or insurance packages to backtheir exports—and when the economy dips, banks can become even morereluctant to finance export orders of any size.6I CHAIRMAN’S MESSAGE
WE’RE ‘PLAN B’Ex-Im Bank’s role is to fill in those gaps. We don’t compete withthe private sector (in fact, about 98 percent of our transactionsinclude a partnering private financial entity). Instead we providea backstop to ensure that the American export economy remainsvibrant in a world of fluctuating markets and global ebbs andflows. U.S. businesses know that Ex-Im Bank will be there tosupport their growth during all kinds of economic weather,girding small businesses and picking up the slack when uncertaintimes force commercial financiers to scale down—a bank for allseasons.So we expect occasional drop-offs in our total authorizations—that’s often another signal of an economy in recovery and anincreasingly fertile private lending environment. While Ex-ImBank’s total financing decreased in FY 2014, overall exportsof U.S. goods and services are poised for a fifth consecutiverecord-breaking year. We’re proud to be a part of that growth,particularly when it means opening doors to the world’s mostpromising markets for American small businesses—and, on anumber of fronts, we had a strong 2014.SUPPORTING JOBS, SERVING TAXPAYERS This year, we authorized 20.5 billion of financing in supportof 27.5 billion worth of U.S. exports and more than 164,000American jobs. Out of over 3,700 authorizations in 2014, more than 3,300—or nearly 90 percent—directly served U.S. small businesses,which accounted for one quarter of authorizations by dollarvolume.Nearly90%of the number of authorizationsin 2014 directly served U.S. smallbusinesses.1out of every5authorizations we completedthis year directly servedminority- or women-ownedbusinesses. Our support for U.S. manufactured exports reached nearly 16.6 billion. About one out of every five authorizations we completed thisyear directly served minority- or women-owned businesses. In sub-Saharan Africa, we authorized a record of more than 2billion for U.S. exports—the strongest year we’ve ever had. Nearly 14 billion—more than 68 percent—of our authorizationsthis year supported U.S. exports to emerging markets, wherecommercial banks are often more reluctant to lend. From a risk management perspective, we had an historicallylow default rate of 0.175 percent as of September 30, 2014. Once again this year, we generated a surplus for Americantaxpayers above and beyond the cost of our operatingexpenses and prudent reserve requirements. In October, wewired 674.7 million to the U.S. Treasury to support deficitreduction, while over the last two decades we have generated asurplus of 6.9 billion for American taxpayers.Nearly 16.6bin support of U.S.manufactured exports2014 ANNUAL REPORT I7
EXPORT-IMPORT BANKof the UNITED STATESWe’re always striving to better manage our business andimprove our operations. As a result, this year we recalibratedour business development efforts to more expertly serve ourcustomers based on industry sectors rather than geography.We also opened a new customer contact center and rolled outnew online tools to make it easier than ever to do business withEx-Im Bank. On the risk management side, we established anEnterprise Risk Committee charged with the comprehensive andsystematic oversight of the full range of risks faced by the Bank.We’ve also cut our internal budget expenses to levels 19 percentlower than they were five years ago. And we achieved all ofthese results with an efficient, dedicated staff of approximately450 employees—I couldn’t be more proud of our team of publicservants.WHAT’S AHEADWhen FY 2014 began, my hope was that I would be able toannounce in our annual report that Congress had put into placea long-term reauthorization of Ex-Im Bank—one that woulddeliver five years of certainty and confidence to U.S. exportersand their employees. Regrettably, I can’t do that.I can say that we’ve made some progress: Congress hasextended our charter until June of 2015, and I’m optimistic thatwe’ll be able to work out a long-term, bipartisan solution. Asa former businessman, I know that exporters large and smallneed more than month-to-month solutions in order to windeals, invest in innovation, and add new jobs locally. There’smore than enough uncertainty out there when you’re runninga business without having to worry about the availability offinancing.The conversation surrounding Ex-Im Bank’s reauthorization hasmeant that we’ve had more public attention this year than everbefore—and a positive side effect has been that more Americansmall businesses have had the opportunity to learn about howEx-Im Bank tools can empower them to reach global markets andadd local jobs.So we look forward to serving many more new customers in theyear ahead—and that’s critical given the vast opportunities forAmerican businesses that lie beyond our borders. Two hundredmillion people are forecasted to join the global middle class eachyear for the next five years, and they’ll be eager to buy quality,innovative products stamped “made in USA”.The opportunities ahead in emerging markets are withoutprecedent, but every country will be racing to seize them inorder to add jobs and grow their economies. Of course, we faceenormous challenges to win that race. We’ve seen a dramaticrise in the proportion of global export financing that fails to playby international lending and transparency rules in China, Russia,and other countries. We’ve also seen an increased emphasison exports as an economic silver bullet in countries around theworld. And we’re facing the specter of new multilateral exportfinanciers in the form of the Asian Infrastructure Investment Bankand the New Development Bank.These challenges are stark, but they do nothing to shake myoptimism about America’s future. We can win the global exportrace—after all, American workers still produce the highest quality,most innovative goods and services in the world. But U.S.businesses and their buyers abroad need certainty and confidenceif we’re going to lead the world in export-fueled growth.For 80 years, Ex-Im has been a vital tool for expandingopportunity, promoting American leadership on the global stage,and adding middle class jobs here at home—and we want tocontinue to be there to support U.S. businesses in strengtheningtheir communities through jobs. So we’re going to keep focusingon our customers, keep making it simpler for small businesses toaccess our products, and keep getting the word out about a factthat thousands of entrepreneurs from Maine to Hawaii alreadyknow to be true—exports create jobs.Sincerely,Fred P. HochbergChairman and President8I CHAIRMAN’S MESSAGE
FY 2014HighlightsMAJOR HIGHLIGHTS:OTHER KEY FY 2014 HIGHLIGHTS:Total Ex-Im Bank Financing164,000American jobs supported Authorized 20.5 billion in financing to support 27.5 billion of U.S. exports worldwideSupporting U.S. Jobs Ex-Im Bank’s authorizations supportedapproximately 164,000 American jobs.Small Business Support 27.5bof U.S. exports supportedat no cost to Americantaxpayers Authorized more than 5 billion infinancing and insurance for Americansmall business exporters Nearly 90 percent of the number of Ex-Im Bank’sauthorizations were for small businesses.Minority- and Woman-Owned Support Almost one in five Ex-Im Bank authorizationswere for minority- and/or woman-ownedbusinesses.Prudent Financial Management 5b in direct support forsmall business exporters In FY 2014, Ex-Im Bank sent 674.7 million tothe U.S. Treasury for deficit reduction.Supporting America’s Manufacturers The Bank authorized nearly 16.6 billionto support exports from America’smanufacturing industries.Building Trade with Sub-Saharan Africa Authorizations supporting U.S. exports tosub-Saharan Africa topped a record-breakingmore than 2 billion.2014 ANNUAL REPORT I9
SUPPORTINGAmerican JobsEx-Im Bank plays a key role in supporting good-paying, exportbacked American jobs all across the country, contributing to a fifthconsecutive year of record-breaking exports for the United States.In FY 2014, the United States exported a total of 2.3 trillionin goods and services—47.5 percent above 2009 levels, andthe best year ever for American exports. More and more,exports are fueling America’s economic resurgence—andEx-Im Bank’s support is playing a pivotal role in that trend,particularly when it comes to empowering U.S. smallbusinesses to reach global markets.Through our financing, Ex-Im Bank fulfills its mission tosupport American job growth. Over the past six years,Ex-Im Bank has financed the sale of just under 217 billion inU.S. exports, supporting over 1.3 million American jobs.In FY 2014, Ex-Im Bank approved over 3,700 authorizationswith a total estimated export value of nearly 27.5 billion.This support equipped U.S. businesses to create or sustainapproximately 164,000 export-related U.S. jobs.IEx-Im Bank began calculating the jobs associated withits financing in FY 2010. Ex-Im Bank’s jobs estimatemethodology follows the standard government-widejobs calculation methodology designated by the TradePromotion Coordinating Committee (TPCC), whichuses employment data computed by the Bureau ofLabor Statistics (BLS) to calculate the number of jobsassociated with Ex-Im Bank supported exports of goodsand services.Ex-Im Bank uses the latest available domesticemployment requirements table (ERT) as computed bythe BLS to calculate the number of jobs associated withEx-Im Bank supported goods and services. The ERTquantifies the number of direct and indirect productionrelated jobs associated with a million dollars of finaldemand for 196 detailed industries.1.3mThe ERT is derived from a set of data showing therelationship between industries, known as input-outputtables. These tables are based on historical relationshipsbetween industry inputs (e.g., labor) and outputs (e.g.,goods for consumption). For more information, see“Management’s Discussion and Analysis.”Over the past six years,Ex-Im Bank has supported morethan 1.3 million American jobsacross the country.For jobs estimates based on FY 2014 authorizations,Ex-Im Bank supports a baseline average of 6,190 jobsper 1 billion of U.S. exports. This average is weighted,however, based on each industry’s relative jobs per 1billion average at time of calculation.AMERICAN JOBS10JOBS CALCULATION METHODOLOGY
Ex-Im Bank InsuranceEmpowers Texas FamilyBusiness to Go Globaland Rehire WorkersFritz-Pak is a family-owned business thatmanufactures 40 different made-in-America specialtyproducts for the global construction industry, includingconcrete additives and plasters for swimming pools.Today, Gabriel Ojeda’s company is a growing smallbusiness, eyeing an expansion. But times weren’talways so great. After tripling sales throughout the2000s, the global recession hit Fritz-Pak hard, andthey were forced to lay off employees.Gabriel began looking abroad for overseas salesopportunities that could replace lost domestic sales.Equipping themselves with Ex-Im Bank’s export creditinsurance, the Ojedas were able to offer their newforeign buyers credit terms while protecting against therisk of not being paid.Today, exports account for 35 percent of Fritz-Pak’stotal sales—and they have been able to hire their laidoff employees back.EXPORTER:Fritz-Pak, Mesquite, TexasMarkets:Worldwide, including Mexico, Brazil, India, and TaiwanEx-Im Bank Product:Export Credit InsurancePictured: Delvin Dorrough,Fritz-Pak“ We may be small,but we think big. In an age whereeverything seems to be madesomeplace else, we’re thriving herein Texas. Our success is due to hardwork, attention to customers’ needsand belief in the future. Yet there’s nodoubt this success is also in no smallpart due to the services provided byEx-Im Bank.Gabriel Ojeda, President,Fritz-Pak”2014 ANNUAL REPORT I11
KEEPING AMERICACompetitiveFor more than 80 years, Ex-Im Bank has leveled the playing field for U.S.exporters facing off against financing offered by foreign governments.As other countries double down on exports—and, in particular, as theyoperate outside of established financing rules—the need for Ex-Im Bankis greater than ever.America enjoys the single greatest competitive advantagethere is: Products stamped “made in the U.S.A.” arestill known the world over for their reliability, quality, andinnovation. That’s a hard-earned distinction—and a testamentto the ingenuity of U.S. entrepreneurs and workers.If purely free market elements such as quality and price werethe only factors at play for international buyers deciding howto source their projects, most American exporters wouldhave little to worry about. But too often, government-backedfinancing can become an overriding factor that tilts the playingfield away from U.S. businesses in favor of foreign companiesbacked by their respective governments.Ex-Im Bank is one of about 60 export credit agencies(ECAs) operating around the world today. While every ECAsupports its domestic businesses through financing, noteveryone plays by the same rules when it comes to lending ortransparency.As recently as 1999, nearly 100 percent of official exportcredit support worldwide adhered to the internationallyagreed-upon lending and transparency standards outlined bythe Organisation for Economic Cooperation and Development(OECD). Under the terms of the OECD’s Arrangement onOfficially Supported Export Credits, countries abided byagreed-upon financing rules establishing loan term limits,minimum fees and a number of other best practices.But as countries that were not party to the OECDArrangement began to escalate their official export support,the global landscape shifted. By 2004, only about two-thirdsof official support for exports around the world was governedby OECD standards; by 2013—as described in Ex-Im Bank’s12Imost recent Competitiveness Report to Congress—thatnumber had dropped to one-third.Today, U.S. exporters are facing a competitive landscape inwhich the vast majority of official export financing is routinelyopaque and unchecked by basic, prudent standards. Insteadof putting their quality products up against other countries’quality products, more and more, American businessesare being forced to pit their goods and services againstunconstrained guarantees, aggressive financing, and flexiblepayment schedules promised by foreign governments.This trend disadvantages American businesses, threatensU.S. job growth, and distorts global markets. Ex-Im Bankexists to support U.S. companies by leveling the playingfield—by equipping American exporters with financing that isboth competitive and reflective of global best practices, Ex-ImBank helps level the global export playing field and return it asmuch possible to one driven by free market principles suchas quality and price. The competitive edge that Ex-Im Bankprovides to U.S. businesses empowers them to more readilycompete on the merits of their goods and services.Globally, countries are turning to exports as a means to growtheir economies and spur job creation—their elevated ECAactivity is a reflection of that commitment. At the same time,even as the economy has recovered, commercial banks arestill somewhat reluctant to wholly finance certain areas of theexport finance arena, especially in emerging markets.These gaps in the private sector, combined with rising globalcompetition, have made ECAs such as Ex-Im Bank more vitalthan ever. As competition continues to heat up in marketsaround the world, Ex-Im Bank will continue to stand behind
American exporters, so that global sales and U.S. jobs aren’tlost over access to competitive financing.For more information on competitiveness in export finance,please find Ex-Im Bank’s 2013 Report to the U.S. Congress atwww.exim.gov.THE WORLD OF OFFICIAL MEDIUM- AND LONG-TERM EXPORT CREDITOECD ch RepublicDenmarkEstonia*FinlandFranceJapanNon-OECD *Luxembourg*NetherlandsNew Zealand*NorwayPolandPortugalRomania*SloveniaSlovak RepublicSouth KoreaSpainSwedenSwitzerlandTurkey**United KingdomUnited iaSaudi ArabiaSouth AfricaThailandUkraineUnited Arab Emirates* Very little or no medium- or long-term financing activity reported** OECD countries not participating in the OECD General Arrangement: Israel and Turkey*** Non-OECD countries participating in the Aircraft Sector Understanding (ASU) but not the OECD General Arrangement: Brazil2014 ANNUAL REPORT I13
EXPORT-IMPORT BANKof the UNITED STATESEx-Im Bank BoostsSpacecraft LaunchingCompany in Global MarketsEMPLOYEEGROWTH4,000EMPLOYEES MAKE UPTHE SPACEXWORKFORCE.UPFROM 150 EMPLOYEESA DECADE AGOAUTHORIZINGFounded in a garage in 2002, SpaceX was created todesign, manufacture and launch advanced spacecraft. Withexport financing options limited, the company faces intensecompetition from French, Russian and Chinese companiesin sales of overseas satellite launches. To overcome theseobstacles, SpaceX is relying on Ex-Im Bank to support them.SpaceX is turning international opportunities into realities inmarkets in Asia, South Asia, and Europe. The company hasgrown from about 150 employees a decade ago to nearly4,000 today. Their manufacturing facilities and supply chainsare here in America—and that means U.S. jobs. 105mLOAN TO HELP FINANCETHE 2015 SPACEXLAUNCH OF THE AMOS-6COMMUNCATIONS SATELLITEMost recently, Ex-Im Bank authorized a 105.4 million loanto Space Communication Ltd. of Ramat Gan, Israel, to financethe 2015 SpaceX launch of the Amos-6 communicationssatellite. The transaction is Ex-Im Bank’s third in supportof a SpaceX launch, and it will support approximately 600quality U.S. jobs in California and elsewhere.EXPORTER:SpaceX, Hawthorne, CaliforniaMarkets:Israel, Hong Kong, and BulgariaEx-Im Bank Product:Direct Loan14I
“ We appreciate Ex-Im Bank’ssupport of both SpaceX and theU.S. space industry. Ex-Im Bankhelps SpaceX compete successfully with international launch serviceproviders, bringing overseas satellitelaunch business and high-tech jobsback to American soil.”Gwynne Shotwell, President and COO,SpaceX2014 ANNUAL REPORT I15
RESPONSIBLERisk ManagementAs we support U.S. jobs wherever and whenever we can, safeguardingtaxpayer dollars remains a quintessential part of our DNA. As a result, wehave a robust risk management system based on vigilance, transparency,and accountability, which has resulted in our extremely low default rate.Ex-Im Bank’s framework is built on a foundation of effectiveunderwriting in order to satisfy our congressional mandatethat every authorization we approve comes with “a reasonableassurance of repayment.” To that end, almost 80 percent of ourexposure in FY 2014 was backed by collateral or a sovereignguarantee.Ex-Im Bank delivers to Congress quarterly reports on ourportfolio default rate—an important measure of the Bank’s“ At Ex-Im Bank, we are protecting U.S.taxpayers by taking a comprehensive andsystematic approach to risk management.While our rigorous underwriting andportfolio management procedures haveresulted in very low default rates, wecontinue to focus on reducing operationalrisks as well, in areas such as informationsystems and staffing.C.J. Hall, Executive Vice President andChief Risk Officer”C.J. Hall, Executive Vice President and Chief Risk Officer16I
FY 2010-FY 2014 Exposure and Default Rate120 112.00.6% 106.60.60%0.5% 89.20.4%Exposure ( billions)900.40%80 75.2700.3%0.29%0.2%0.24%0.18%600.1%0.0%50FY 2010FY 2011FY 2012FY 2013Default Rate (percentage)1101000.7% 113.8FY 2014is to maintain oversight of the comprehensive and systematicrisk management regime within the Bank. This regime extendsbeyond repayment risk in the portfolio to include operationalrisk—such as systems and staffing risk—as well as the fullrange of legal, market, and strategic risks faced by the Bank.The Enterprise Risk Committee meets at least once per month,and incorporates oversight of several subordinate committeesfocused on specific areas of risk.Although Ex-Im Bank always strives to support U.S. exportersin winning deals and adding jobs, we also go to great lengths toensure that we’re not taking undue risks—and that the creditswe extend routinely result in solid performance for exportersand taxpayers alike.success on the risk management front. The active default ratereflects the total amount of overdue required payments (claimspaid on guarantees and insurance transactions plus loans thatare past due) divided by the total amount of disbursed financinginvolved. Our active default rate as of September 30, 2014,was 0.175 percent.The historically low default rates Ex-Im Bank has accrued oflate are due to a comprehensive risk management frameworkwith a strong emphasis on continuous improvement. This hasled to a relatively low number of defaults, coupled with highrecovery rates on those credits that have entered default.Since the Federal Credit Reform Act went into effect in 1992,the Bank has succeeded in recovering approximately 50 centsfor every dollar defaulted in the portfolio.0.175%DEFAULT RATEas of September 30, 2014To further strengthen our risk management program,in FY 2014 Ex-Im Bank established an Enterprise RiskCommittee comprised of senior vice presidents of the Bankand chaired by the Bank’s executive vice president and chiefrisk officer. The mandate of the Enterprise Risk Committee2014 ANNUAL REPORT I17
A FOCUS ONOur CustomersWe can’t fulfill our mission of supporting U.S. job growth if we’re notproviding customers with a seamless, efficient experience from start tofinish. We work every day to ensure that doing business with Ex-Im Bankis as simple and productive as possible.In the past year, Ex-Im Bank has seen major progress when itcomes to better serving our customers: the businesses thatequip themselves with Ex-Im Ban
Success Story: Ace Pump Corp. 23 Success Story: Howe Corp. 24-25 Supporting America’s Most Critical Industries 26 Success Story: Decas Cranberry Products 27 Building Infrastructure in Emerging Markets 28-29. Realizing Opportunities in Sub-Saharan Africa 30-31. CONTENTS Ex-Im Bank . insur
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Use the Import/Export Wizard for address book, commodity and other simple export types. For more complex export types, see Export Shipment Data using the Connection Assistant. To export shipment data using the Import/Export Wizard: Step Window (if available) 1. On the Import-E
