This is the value, as at the relevant date, all credit substitutes that are not transacted in financial markets.A credit substitute is any transaction that exposes the reporting party to counterparty credit risk that is not a direct extension of credit. Counterparty credit risk is the risk that the counterparty to the transaction will not fulfil their obligations under the contract. A direct extension of credit is where the reporting party provides funds or other on-balance sheet assets to the counterparty in the expectation that they will be repaid at some future date.