This is the value, as at the relevant date, of guarantees that constitute direct credit substitutes.     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 direct credit substitute is any irrevocable off-balance sheet obligation that carries the same credit risk as a direct extension of credit, such as an undertaking to make a payment to a third party in the event that a counterparty fails to meet a financial obligation, or an undertaking to a counterparty to acquire a potential claim on another party in the event of default by that party (i.e. the risk of loss depends on the creditworthiness of the counterparty or the party on that a potential claim is acquired).