Article 5 provides for credit enhancement, liquidity and treasury matters. Credit enhancement is seen as an extremely important matter because such measures are designed to help secure the highest possible ratings from the credit rating agencies with obvious benefits for the rates at which the company can raise funding. The first element of credit enhancement is that each guarantee issued by a member state will be for 120% of its actual share of the amount being guaranteed. That will be of great comfort to holders of funding instruments issued by the company because it builds in redundancy and allows for the extremely difficult to imagine scenario that one of the guarantors fails to honour a call on a guarantee.

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