Instructions For Schedule Rc-L (Form Ffiec 031 And 041) - Derivatives And Pff-Balance Sheet Items Page 5
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18FFIEC 031 and 041
RC-L – DERIVATIVES AND OFF-BALANCE SHEET
Item No.
Caption and Instructions
Commercial and similar letters of credit . Report the amount outstanding and unused as of
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the report date of issued or confirmed commercial letters of credit, travelers' letters of credit
not issued for money or its equivalent, and all similar letters of credit, but excluding standby
letters of credit (which are to be reported in Schedule RC-L, items 2 and 3, above). (See the
Glossary entry for "letter of credit.") Legally binding commitments to issue commercial letters
of credit are to be reported in this item.
Travelers' letters of credit and other letters of credit issued for money or its equivalent by the
reporting bank or its agents should be reported as demand deposit liabilities in
Schedule RC-E.
NOTE: On the FFIEC 041, item 5 is not applicable to banks that have less than $100 million in
total assets.
Participations in acceptances conveyed to others by the reporting bank . Report the
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amount of all participations conveyed to others by the reporting (accepting) bank in its
acceptances that are outstanding regardless of the nature of the participation agreement and
regardless of the system of debits and credits used to reflect the agreement on the reporting
(accepting) bank's books. Thus, participations in acceptances conveyed to others by the
reporting (accepting) bank are to include both those that provide for participation in the risk of
loss in the event of default by the account party at the time of maturity and those that provide
for participation in putting the holder of the acceptance in funds at the maturity of the
acceptance. Also report the amount of participations in acceptances of other (accepting)
banks that the reporting bank has acquired and subsequently conveyed to others.
Do not reduce the reporting (accepting) bank's "Bank's liability on acceptances executed and
outstanding" (Schedule RC, item 18) or "Customers' liability to this bank on acceptances
outstanding" (Schedule RC, item 9) by the amount of such participations regardless of the
nature of the agreement and regardless of the system of debits and credits used to reflect the
agreement on the reporting (accepting) bank's books. (See the Glossary entry for "bankers
acceptances" for a detailed description of the required treatment of bankers acceptances in
the Report of Condition.)
Securities lent . Report the appropriate amount of all securities lent against collateral or on
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an uncollateralized basis. Report the book value of bank-owned securities that have been
lent. In addition, for customers who have been indemnified against any losses by the
reporting bank, report the market value as of the report date of such customers' securities,
including customers' securities held in the reporting bank's trust department, that have been
lent. If the reporting bank has indemnified its customers against any losses on their securities
that have been lent by the bank, the commitment to indemnify -- either through a standby
letter of credit or other means -- should not be reported in any other item on Schedule RC-L.
Credit derivatives. Report in the appropriate subitem the notional amount and fair value of
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all credit derivatives. Credit derivatives are arrangements that allow one party (the
"beneficiary") to transfer the credit risk of a "reference asset" to another party (the
"guarantor"). Banks should include the notional amounts of credit default swaps, total rate of
return swaps, and other credit derivative instruments.
FFIEC 031 and 041
RC-L-5
RC-L – DERIVATIVES AND OFF-BALANCE SHEET
(3-02)
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