Airbus prepared to offer financing support to customers
23 Sep 2011
Paris: Airbus said Thursday it was willing to help customers faced with a squeeze on aircraft financing, much the same as it did in 2008-09. Fresh concerns have arisen as the aviation industry suffers a knock-on effect from Europe's debt crisis and banks, particularly French, restrict the quantum of financing.
French banks, which accounted for 30 per cent of aircraft financing in 2010, have scaled down lending amid problems in securing dollars, as US investors withhold deposits from institutions perceived as most exposed to Greece.
The annual jetliner market is estimated to be worth $80 billion.
Airbus chief executive Tom Enders told French daily Le Figaro he did not foresee the need for drastic action, but expressed concern about the diminished sources of funding.
"In the short term, we are worried to see that access to bank credit could once again become scarce, in particular long-term financing in dollars from some European banks," Enders told Le Figaro in an interview.
Asked if Airbus would offer support to its clients, he said: "We did it in 2008-2009 and if needed we are ready to do it again."
