Closing of security package for Stadler project in Hungary

AIL structured and completed a tailor-made security package in favor of Stadler relating to a project with the Hungarian railway company GYSEV.

GYSEV is a regional railway operator that offers cross-border public rail passenger services in Western Hungary and Eastern Austria (in the region of the Neusiedlersee). It maintains and operates a route network of 446 km in Hungary and 64 km in Austria where it is branded as Raaberbahn. GYSEV is owned by the states of Hungary (72%) and Austria (28%).

In 2024, Stadler and GYSEV signed a contract for the supply of 11 Stadler 5-car trains of the type FLIRT for long distance railway services for the Sopron – Budapest and Szombathely – Budapest routes. The FLIRTs are expected to enter service in 2027 – 2028 in Hungary, and will also run to Austria from 2030 with completion of the homologation of the trains for Austria rail services. The bodyshells of the trains will be manufactured at the Stadler Szolnok plant in Hungary, with final assembly taking place at the Stadler factory in Poland.

The arrival of the eleven new FLIRTs will significantly expand GYSEV’s EMU fleet. GYSEV already operates a total of 20 4-car Stadler FLIRT trains, which have been ordered between 2012 and 2018. The new FLIRT trains will be equipped with modern electric traction motors, which will save energy consumption and thus will reduce the overall costs over the lifetime of the trains.

Due to the relatively long delivery period until year 2030 (incl homologation of trains in Hungary and Austria), Stadler decided to mitigate the main political and commercial risks of the project through insurance cover from the Swiss Export Risk Insurance SERV. The specific security package structured and implemented by AIL for the benefit of Stadler in connection with the project comprises SERV cover for any pre-shipment risks – i.e. the risk that further production or delivery is impossible or unreasonable because a risk, such as a political event (war or warlike events, extraordinary measures of foreign states, force majeure event, etc.) has occurred – and SERV cover for any payment risks (payment default of the customer).