Confirming Bank [Last Updated by: admin on 2012-01-01]
A confirming bank confirms an irrevocable credit (qv) upon the authorisation or request of the issuing bank. Where an Advising Bank guarantees payment of a Letter of Credit, it is known as a confirming bank. the bank's role changes from a mere advisory role to a role of assuming liability for payment, acceptance or negotiation of the credit. Such liability if in addition to and not instead of that already given by the issuing bank.