Instructions For Schedule Rc-L (Form Ffiec 031 And 041) - Derivatives And Pff-Balance Sheet Items Page 4
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18FFIEC 031 and 041
RC-L – DERIVATIVES AND OFF-BALANCE SHEET
Item No.
Caption and Instructions
Financial standby letters of credit (and foreign office guarantees -- for the FFIEC 031) .
2
Report the amount outstanding and unused as of the report date of all financial standby letters
of credit (and all legally binding commitments to issue financial standby letters of credit)
issued by any office of the bank. A financial standby letter of credit irrevocably obligates the
bank to pay a third-party beneficiary when a customer (account party) fails to repay an
outstanding loan or debt instrument. (See the Glossary entry for "letter of credit" for further
information.)
Exclude from financial standby letters of credit:
(1)
Financial standby letters of credit where the beneficiary is a consolidated subsidiary of
the reporting bank.
(2)
Performance standby letters of credit.
(3)
Signature or endorsement guarantees of the type associated with the clearing of
negotiable instruments or securities in the normal course of business.
Amount of financial standby letters of credit conveyed to others . Report that portion of
2.a
the bank's total contingent liability for financial standby letters of credit reported in
Schedule RC-L, item 2, above, that the bank has conveyed to others. Also include that
portion of the reporting bank's financial standby letters of credit that are backed by other
banks' financial standby letters of credit, as well as the portion that participating banks have
reparticipated to others. Participations and backings may be for any part or all of a given
obligation.
3
Performance standby letters of credit (and foreign office guarantees -- for the
FFIEC 031) . Report the amount outstanding and unused as of the report date of all
performance standby letters of credit (and all legally binding commitments to issue
performance standby letters of credit) issued by any office of the bank. A performance
standby letter of credit irrevocably obligates the bank to pay a third-party beneficiary when a
customer (account party) fails to perform some contractual non-financial obligation. (See the
Glossary entry for "letter of credit" for further information.)
Exclude from performance standby letters of credit:
(1)
Performance standby letters of credit where the beneficiary is a consolidated subsidiary
of the reporting bank.
(2)
Financial standby letters of credit.
(3)
Signature or endorsement guarantees of the type associated with the clearing of
negotiable instruments or securities in the normal course of business.
Amount of performance standby letters of credit conveyed to others . Report that portion
3.a
of the bank's total contingent liability for performance standby letters of credit reported in
Schedule RC-L, item 3, above, that the bank has conveyed to others. Also include that
portion of the reporting bank's performance standby letters of credit that are backed by other
banks' financial standby letters of credit, as well as the portion that participating banks have
reparticipated to others. Participations and backings may be for any part or all of a given
obligation.
FFIEC 031 and 041
RC-L-4
RC-L – DERIVATIVES AND OFF-BALANCE SHEET
(3-02)
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