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Hi Craig,
Thank you for your expert opinion feedback regarding my questions.
I am now clear on both questions.
Regarding A2, my view is that this essentially ties back to when the P&L is affected by the Hedged item. How/when this occurs is dependent on how the customer recognises the hedged item in the P&L. Based on my conversations with the customer they do not have a clear handle/view on this. This is something that I do not want to provide specialist accounting advice on (not part my current scope). I am going to advise them to discuss/clarify and confirm the accounting treatment of the hedge reserve/OCI release under IFRS9 with their external accountants (based on my view and their own investigations) and obtain expert advice.
Kind regards
Chris
Hi Danilo,I can speak to South Africa and generally as well.
In past experience I managed large guarantee portfolio’s in the UK and South Africa.
Generally I would recommend you look at each coutry’s clearing banks to begin with. This will give you good starting point and provide many banks to initially identify, assess and evaluate.
For South Africa I have deal with/know of the following banks:
Standard Bank, FirstRand/FNB, ABSA/Barclays, Nedbank and Investec.
Standard Bank is particularly good for guarantees within Africa.
FirstRand has an arm called Rand Merchant Bank that specifically focusses on corporates.
ABSA and Nedbank are equally good, and Investec can be niche (and expensive).
Hope this helps and let me know if you have any questions.
Kind regards
Chris