Lloyd’s stresses need for regular confirmation of valid letters of credit
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Lloyd’s stresses need for regular confirmation of valid letters of credit

Samuel Casey
04 October 2023
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Lloyd’s has emphasised that any letters of credit (LOCs) used as Tier 2 capital must be confirmed as being valid by banks on a six-monthly basis.

The Corporation said that, if such confirmation is not provided, Lloyd’s reserves the right to discount the value of the LOC as part of a member’s funds at Lloyd’s.

Since

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Samuel Casey
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