Data Dictionary
Item Number 5770
TOTAL STANDBY LETTERS OF CREDITCall confidentiality applies to FFIEC 031/041.
| Series | Start Date | End Date | Confidential? | Reporting Forms |
|---|---|---|---|---|
| RCFD5770 | 1991-06-30 | 9999-12-31 | Yes | FFIEC 002 |
Data Description:
Includes the total amount outstanding and unused as of the report date of all standby letters of credit (and all legally binding commitments to issue standby letters of credit) issued to related depository institutions that have been originated by the reporting branch or agency, including its IBF, or acquired from others. Included are those standby letters of credit that are collateralized by cash on deposit and those in which participations have been conveyed to others where (a) the originating branch or agency, including its IBF, is obligated to pay the full amount of any draft drawn under the terms of the standby letter of credit and (b) the participating institutions have an obligation to partially or wholly reimburse the originating branch or agency, including its IBF, either directly in cash or through a participation in a loan to the account party. Branches or agencies, including their IBFs, participating in standby letters of credit issued to related depository institutions must report the full amount of their contingent liabilities to participate in such standby letters of credit without deducting any amounts that they may have reparticipated to others.
For syndicated standby letters of credit issued to related depository institutions where each institution or branch or agency has a direct obligation to the beneficiary, each financial institution must report only its share in the syndication. Similarly, if several financial institutions participates in the issuance of a standby letter of credit to a related depository institution under a bona fide binding agreement which provides that (a) regardless of any event, each participant shall be liable only up to a certain percentage or to a certain amount and (b) the beneficiary is advised and has agreed that each participant is only liable for a certain portion of the entire amount, each bank or branch or agency shall report only its proportional share of the total standby letter of credit.
For a standby letter of credit issued to a related depository institution that is in turn backed by a standby letter of credit issued by another bank, each branch or agency, including its IBF, must report the entire amount of the standby letter of credit it has issued to the related depository institution in this item.
Excluded from standby letters of credit are signature or endorsement guarantees issued to related depository institutions that are of the type associated with the clearing of negotiable instruments or securities in the normal course of business.
NOTE:
Reported in Schedule M for the FFIEC 002 report. Also reported confidential.