This is the value as at the relevant date of guarantees outstanding vis-a-vis non-residents of the reporting party's offices worldwide and the exposures of their foreign affiliates from guarantees vis-a-vis residents of the countries where the affiliates are located.                                                                                                                                             Guarantees should be reported to the extent that they represent the unutilised portions of both binding contractual obligations and any other irrevocable commitments. They should only cover those obligations, which, if utilised, would be reported in total cross-border claims and local claims of foreign affiliates in any currency. Performance bonds and other forms of guarantee should only be reported if, in the event of the contingency occurring, the resulting claim would have an impact on total cross-border claims and local claims of foreign affiliates in any currency.                                                                                                                                           Guarantees represent contingent liabilities arising from an irrevocable obligation to pay to a third party beneficiary when a client fails to perform some contractual obligations. They include secured, bid and performance bonds, warranties and indemnities, confirmed documentary credits, irrevocable and stand-by letters of credits, acceptances and endorsements. Guarantees also include the contingent liabilities of the protection seller of credit derivative contracts.