Bail In and UE Directive...

With the introduction of Uniform Rules for Documentary Guarantee or URDG 758, the rules for Documentary Guarantee seem to be popular again. It can be imagined from the increasing number of questions that have popped up in recent days. Documentary Guarantee Forum is an effort to develop a platform to discuss these questions.
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picant
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Joined: Wed Aug 20, 2008 1:49 pm

Bail In and UE Directive...

Post by picant »

This is the same Post as in the l/c Forum:
Hi Pals,

Some Countries in European Union are facing the problem of bail in. An EU Directive at art 55 states that a bank must clause letters of credits, bank guarantee regulated or subject to Extra EU Countries Law with a warning that the bank liabilities may be written off or cancelled in case of issuing bank insolvency(or the like)? Have you heard something about?
As it is debattable and in discussion, please insert your comments?
Thank you

I Will place the same notice to the Guarantee Forum too.
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