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
"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