EANS-News: DVB Bank SE / Export Credit Agencies will be the key to avoid a funding gap for aircraft deliveries in 2010

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Frankfurt am Main (euro adhoc) - Although 2009 was deemed to be a
challenging year for funding the massive delivery schedules of Boeing
and Airbus, the industry has seen little or no "Funding Gap" on an
estimated USD66 billion of deliveries. This was essentially due to
the huge commitment of the Export Credit Agencies (ECAs) on both
sides of the Atlantic.

Bertrand Grabowski, Member of the Board of Managing Directors of DVB
Bank SE, states: "Early last year, the picture was gloomy as many
traditional aviation banks were curtailing their activities in the
market, some even retreating, whilst the sector confronted a record
number of deliveries and an industry that was badly impacted by the
global economic environment. The public authorities, through the
support of the Export Credit Agencies, have been extremely proactive
and have ultimately almost doubled the ECA commitments compared to
2008".

Consequently, ECA funding for 2009 reached a record USD21 billion -
an estimated one third of the total value of all Boeing and Airbus
deliveries.

While the value of deliveries for 2010 is slightly lower, at an
estimated USD 60 billion, "...the lack of visibility on the financial
markets and the weak operating cash flows of most carriers will
represent another challenging environment," predicts Grabowski.

"There are large segments of the market that will happily continue to
avoid any liquidity crunch: the `prime carriers´, the airlines of PR
China, and the three main passenger carriers in the Middle East have
already secured most of the financing for their new deliveries for
this year. Nonetheless, the remaining set of aircraft purchasers -
representing an estimated USD 30 billion - will again seek the
assistance of banks and ECAs - the ´lenders of last resort´ ".

"Since many banks will still face capital restrictions in 2010, we do
not expect a large increase in the lending activities of traditional
aviation banks compared to last year. To avoid again a funding gap in
2010, the ECAs would have to provide as much support as last year.
Whether or not they will indeed continue to support, at the same pace
and enthusiasm, an industry where increased credit incidents are
likely to occur, is of course an interesting question," says
Grabowski.

"Ultimately", Grabowski suggests, "the stress point of this year may
not be the financing of new deliveries, again assuming that ECAs will
perform and deliver as last year, but rather the refinancing of
existing commitments and the financing of used aircraft. At DVB, we
are seeing more and more of these transactions collapsing due to the
lack of financing."

Note to Editors: DVB Bank SE, based in Frankfurt/Main, is the leading
specialist in international transport finance. DVB offers integrated
financing solutions and advisory services in respect of Shipping,
Aviation, and Land Transport. The Bank operates out of offices in
Frankfurt/Main, Hamburg, London, Cardiff, Rotterdam, Bergen/Oslo,
Piraeus, Zurich, Singapore, Tokyo, New York and Curaçao. DVB Bank SE
is listed at the Frankfurt Stock Exchange (ISIN: DE0008045501).

end of announcement euro adhoc
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ots Originaltext: DVB Bank SE
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Prof. Dr. Borislav Bjelicic

Corporate Communications

Tel.: +49 (0)69 97 50 - 4390

E-Mail: borislav.bjelicic@dvbbank.com

Branche: Banking
ISIN: DE0008045501
WKN: 804550
Börsen: Stuttgart / free trade
Düsseldorf / free trade
Frankfurt / regulated dealing/general standard