confirming bank

Letters confirming bank balances "must come directly to regulators from banks and custodians," he said.

When considering applications from UK confirming banks, we will look at each case on its merits.

Confirming bank - adds confirmation to an LC.

Results were declared on 14 October, confirming Banks' loss to Len Brown.

EBRD guarantees cover payment risks by the issuing bank to the confirming bank.

When an issuing or confirming bank becomes the recipient of a receipt message, it has the same right to object to its terms as does the shipper.

Confirmation - a definite undertaking from the confirming bank to honor or negotiate a complying presentation in addition to that of the issuing bank.

'Such undertakings can neither be amended nor cancelled without the agreement of the issuing bank, the confirming bank (if any), and the beneficiary'.

In order to convey the right of control to the consignee, the letter of credit beneficiary handed over his signed CKR to the confirming bank.

The UK confirming bank pays us a guarantee fee, which is typically a proportion of the fee it receives for confirming the letter of credit.

Almost all letters of credit are irrevocable, i.e., cannot be amended or canceled without prior agreement of the beneficiary, the issuing bank and the confirming bank, if any.

The result of the Banco Santander decision is, as Rix J pointed out, to penalise innocent confirming banks where the credit itself does not provide for negotiation.

Bills are either sight or term (thirty days, etc.), drawn by the exporter on the issuing or confirming bank; if it is a term bill it can be discounted.

The exporter's main obligation is to ensure the documents of title and bill of exchange(s) are in order, as any discrepancies may result in nonpayment or acceptance by the confirming bank.

Export working capital scheme These are given to confirming banks against the risk of not being reimbursed by overseas bank issuers of letters of credit in favour of UK exporters.

Up until the 1960's, most commercial letters of credit, reflecting documentary sales terms, called for payment against presentation of negotiable ocean bills of lading indorsed to the issuing or confirming bank.

The UK confirming bank is protected against the failure of the issuing bank to reimburse it for payments properly made by the confirming bank under the letter of credit.

This applies to the account party's application to his bank to open the credit, the credit itself, the relationship between the beneficiary and advising and confirming banks, and the relationships of the banks inter se.

If the confirming bank found the CKR in compliance with the terms of the credit, it paid the beneficiary's draft, or stamped its acceptance thereon and forwarded the tendered documents to the issuing bank.

Second, once the remaining documents were received from the confirming bank, they were checked against the credit, and upon verifying compliance, including consistency with the CKR, reimbursement to the confirming bank was authorized.

A safer practice from a banking and sales law standpoint would have the NVOCC tender copies of the master or underlying bill of lading to the beneficiary of the letter of credit for presentation to the issuing or confirming bank.

By means of the CKR's 'no disp' clause the shipper-consignor agreed to a known (although not widely used) method of creating a security interest, i.e., the conveyance of its negative possessory right to a consignee who was either an issuing or confirming bank.

Credit Agricole Indosuez v. Muslim Commercial Bank [2000] 1 Lloyd's Rep. Bank 275 CA - letter of credit - whether omitted documents essential for acceptance, payment or negotiation - whether ambiguity to be resolved in favour of confirming bank.

Once third party rights are likely to be affected, as in the case of secured transactions or open market bona fide purchases, the information flowing from the carrier to the consignor-beneficiary of the letter of credit, and from the latter to the issuing or confirming bank can no longer remain private.

While a loss to investors will occur only if both FHLB and Citizens Bank default in payment, Moody's has determined that due to a high correlation between FHLB and Citizens Bank the joint support methodology will not be applied and reflects the rating of the confirming bank.