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.