receive or make delivery 6 Time in clearing business From 1925 From 1934 From 2004 7 Electronic Clearing Online, web Online, web ACT™, OTIS, Plateforms GAINS, ATOM, browser browser TEAM®, integrated integrated SHAMIS™ 8 Is risk of loss for participants YES YES YES of clearing covered ? 9 Source of funds for clearing Reserve Fund Clearing Clearing risk coverage created by transactions of transactions of participants ring of ring of participants participants backed by backed by assets of assets of Borrower Borrower plus backed recursively 10 Liquidation value of Unchangeable Decrease (Due Increase clollateral (guarantee) of to depreciation (because assets clearing in time duration if in use) are substituted with money) 11 Are clearing funds No No No transferrable outside clearing financial institution ? 12 Can clearing participants No No No obtain clearing funds as cash ? 13 Are clearing funds No No No applicable for pay salary and simillar expenses in business of clearinf participants ? 14 Possibility borrow clearing No Yes Yes funds as long term Loan 15 Law applicable in clearing USA Switzerland Panama 16 Clearing Guarantee Assets Clearing Bank Wir/ United States Holder/Territory Corporation/USA Switzerland Corporation/ Territory of Borrower's Country
receive or make delivery 6 Time in clearing business From 1925 From 1934 From 2004 7 Electronic Clearing Plateforms ACT™, OTIS, GAINS, ATOM, TEAM®, SHAMIS™ Online, web browser integrated Online, web browser integrated 8 Is risk of loss for participants of clearing covered ? YES YES YES 9 Source of funds for clearing risk coverage Reserve Fund created by participants Clearing transactions of ring of participants backed by assets of Borrower Clearing transactions of ring of participants backed by assets of Borrower plus backed recursively 10 Liquidation value of clollateral (guarantee) of clearing in time duration Unchangeable Decrease (Due to depreciation if in use) Increase (because assets are substituted with money) 11 Are clearing funds transferrable outside clearing financial institution ? No No No 12 Can clearing participants obtain clearing funds as cash ? No No No 13 Are clearing funds applicable for pay salary and simillar expenses in business of clearinf participants ? No No No 14 Possibility borrow clearing funds as long term Loan No Yes Yes 15 Law applicable in clearing USA Switzerland Panama 16 Clearing Guarantee Assets Holder/Territory Clearing Corporation/USA Bank Wir/ Switzerland United States Corporation/ Territory of Borrower's Country
ESB_Loan_Certificate.docx