The Arrangement on Guidelines for Officially Supported Export Credits (the Consensus Arrangement) is adhered to by 22 members of the OECD Group on Export Credits and Credit Guarantees. The Arrangement has been in place since April 1978 and replaced a less elaborate understanding that had been in effect among a more limited number of OECD countries since early 1976. The Arrangement is intended to limit competitive subsidization of export financing and sets, inter alia, minimum allowable interest rates and maximum repayment terms for officially financed or subsidized export credits of two years and more.