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Hermes cover is a common way of referring to an export credit guarantee (ECG) by the German Federal Government. It is also referred to as a Hermesdeckung in German. These guarantees are an important part of German foreign trade policy and protect German companies in the event of non-payment by foreign debtors. ==Economic importance== The system of Hermes covers was originally introduced in 1949 for cases where firms could find no private insurance and has become a pillar of Germany's export industry.〔Madeline Chambers (August 20, 2015), (German industry wants expansion of export guarantees ) ''Reuters''.〕 Today, Hermes guarantees enable exporters to cover themselves against economic risks (customer risks) and political risks (country risks). The federal guarantee is necessary because it is not possible to obtain adequate cover from private insurers, particularly against political risks for exports to non-OECD countries. In 2005, the German state made guarantees for orders totaling EUR 19.77 billion (USD 25 billion), which is about 2.5 percent of total German exports. About 90% of the cover was accounted for by exports to developing countries and states in central and eastern Europe, including CIS countries. These guarantees only result in expenditure by the state if the customer does not pay. The purpose of Hermes cover, from the point of view of the German state, is the promotion of exports and helping to provide German jobs.〔 There is a link to this site from (the Web site of the German Federal Ministry for Economics and Technology )〕 A study commissioned by the German Ministry of Economics and Technologies carried out by Prognos concluded that the net effect of Hermes guarantees on employment is in the order of 140,000 to 210,000 jobs, mainly in the mechanical engineering, electrical engineering, and chemical sectors, most Hermes guarantees being for small and medium-sized enterprises (SME). 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Hermes cover」の詳細全文を読む スポンサード リンク
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