This is the value, as at the relevant date, of guarantees and standby letters of credit provided to the reporting party, as determined in accordance with relevant prudential standard.A guarantee is a pledge or agreement to be responsible for another party's debt or contractual performance if that other party does not pay or perform.A standby letter of credit is an irrevocable undertaking given by a third party to pay an amount owing to the reporting party should the original counterparty default.