Service Level Agreement (SLA) with Export Finance Australia
NAIF is supported in its day-to-day operations through an SLA with Export Finance Australia. The SLA is for a term that extends until the last NAIF loan is expected to be repaid
As an experienced financier, Export Finance Australia has expertise in managing large and complex lending transactions and is also a Corporate Commonwealth entity under the PGPA Act. The SLA arrangement ensures an efficient use of existing Commonwealth resources, reducing the duplication of resourcing requirements across government entities. The SLA allowed NAIF to transition from its start-up phase to operational phase more effectively and faster than it would have otherwise, and shared learnings across teams have also been a key benefit to both organisations.
The services provided by Export Finance Australia under the SLA fall into two broad categories:
- Assisting with transaction due diligence, environment and technical review, credit assessment and also managing the administration of the NAIF loan portfolio post financial close; and
- Corporate and administrative services, including financial management and reporting, human resources, information technology and communication and property management.
Under this SLA, NAIF can access resources from Export Finance Australia on an ‘as needs’ basis. This allows NAIF to meet the needs of its business, proponents and other stakeholders efficiently and cost effectively.
During FY18-19, NAIF utilised 55 Export Finance Australia employees in various capacities including the Chief Financial Officer, Chief Human Resources Officer, Project Finance Environment and Technical Review, Chief Credit Officer and Portfolio Management.
Export Finance Australia employees providing services to NAIF under the SLA are considered NAIF employees when performing those services for the purposes of NAIF’s general operations, and the provision of financial, audit and other statutory and non-statutory sign-offs.
The SLA was subject to internal audit in FY18-19 with no material audit findings.