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"harte" Patronatserklärungen

English translation: Unrestricted letters of comfort

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16:49 Jan 30, 2002
German to English translations [PRO]
Bus/Financial - Finance (general)
German term or phrase: "harte" Patronatserklärungen
Thema Bilanz
Eventualverbindlichkeiten
unter Haftungen:
"harte" Patronatserklärungen
Zeus
Local time: 15:25
English translation:Unrestricted letters of comfort
Explanation:
The parent company has to pay all debts of its subsidiaries
Selected response from:

Andy Lemminger
Canada
Local time: 08:25
Grading comment
I think, I'll go with the majority vote. Thank you very much.
3 KudoZ points were awarded for this answer

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Summary of answers provided
4 +3Unrestricted letters of comfort
Andy Lemminger
4hard letters of comfort
Alison Schwitzgebel


  

Answers


7 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
hard letters of comfort


Explanation:
I'd call them

"hard" letters of comfort

see the following example:

"When the Basel Committee refers to “guarantees” in paragraph 117, we assume this term
covers all the types of guarantee recognised by the 1988 Accord, including, in particular,
warranties and guarantee-type letters of comfort (hard letters of comfort). We would suggest
this point be clarified. The fact that the term “guarantee” is not meant to be understood in its
narrowest sense is shown by the reference to letters of comfort in paragraph 412, which
generally recognises letters of comfort subject to compliance with the stipulated conditions. All
references to “guarantee” and “guarantor” below are based on this interpretation of the
terminology."


HTH

Alison


    Reference: http://www.bdb.de/download/bankaufsicht/ZKA_Basel_II_engl..p...
Alison Schwitzgebel
France
Local time: 16:25
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in GermanGerman
PRO pts in category: 241
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9 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
Unrestricted letters of comfort


Explanation:
The parent company has to pay all debts of its subsidiaries

Andy Lemminger
Canada
Local time: 08:25
Specializes in field
Native speaker of: German
PRO pts in category: 65
Grading comment
I think, I'll go with the majority vote. Thank you very much.

Peer comments on this answer (and responses from the answerer)
agree  Eva Blanar
2 hrs

agree  xxxninasc
3 hrs

agree  gangels
4 hrs
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Changes made by editors
Sep 21, 2011 - Changes made by Steffen Walter:
Field (specific)(none) » Finance (general)


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