EADS says unaffected by French bank dollar problems

893

European aerospace and defence group EADS has not been affected by the difficulties French banks are having in securing dollar financing, said Chief Executive Louis Gallois.

Foreign banks that do have access to the US currency are filling in the gap left by French banks in providing dollar funding, the CEO of the parent of planemaker Airbus said.

Gallois also called on politicians to make quick decisions to help the economy emerge from uncertainty surrounding the euro zone sovereign debt crisis, Reuters reports.
“(The) financial situation is very unstable, and I hope that political decisions will be taken as quickly as possible,” Gallois said at the launch of a think tank aimed at finding ways to reindustrialise France. “All uncertainty fuels both fears and speculation.”

In a preview of its Tuesday edition, Les Echos reported that Airbus had effectively convinced the governments of France, Germany and the UK to guarantee sales of A320 aircraft assembled in China via their export agencies.

Airbus began assembling planes for the Chinese market at a factory in Tianjin, outside Beijing, in 2009 and has said it wants to supply at least half of the more than 4,000 commercial jets that China is expected to need over the next 20 years.

The planemaker said last month that it stood ready if needed to help customers overcome growing fears of a squeeze on aircraft financing as the industry suffers a knock-on effect from Europe’s debt crisis.

Airbus was not immediately available for comment.