U.S. EXIM jet financing could resume in December, official says
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HONG KONG (Reuters) - The U.S. Export Import bank may win legal approval to resume export financing for Boeing Co (NYSE: BA) passenger jets as early as December, a senior official at the agency said on Wednesday.
The bank, which provides financing for many U.S. exporters, is currently unable to agree new business for large jets because only two of the five seats on its board are filled, not enough to approve deals over $10 million.
Robert Roy, vice president of EXIM's transportation division, told financiers in Hong Kong that there were indications that legal changes needed to reopen the system of jet financing, opposed by some conservatives, could happen soon.
"We are pretty certain that in December, we will be able to meet with a quorum of two," he told the Airline Economics conference, adding that he had three to four transactions waiting to be considered as soon as the changes were adopted.
(Reporting by Tim Hepher)
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