News

The Bank of Japan Raises Interest Rates to Their Highest Level in 30 Years

Interest Rate Decision and Market Reaction Today, the BOJ (Bank of Japan) in a unanimous and widely expected decision raised its key interest rate to 0.75%, being the highest level since September …

European Central Bank Holds Interest Rates

ECB Rate Decision and Market Reaction Yesterday, the ECB (European Central Bank), for their fourth straight meeting, held its benchmark deposit rate* at 2% with the Euro essentially unchanged at $1…

Decoding the Fine Print: Key Terms in a Loan Agreement Every Director Should Know

Securing Corporate Borrowing is a strategic move, yet the underlying loan agreement is the document that governs your business for years. For any director, merely checking the interest rate is insu…

Unlock Global Trade: Your Guide to Cash Flow Lending for High-Volume Importers

For Traders / Importers, the lifeblood of business is the movement of goods, but the greatest financial pressure is the time lag between paying the supplier and receiving payment from the customer….

Managing Construction Costs: What is a Peak Debt Facility and How to Fund It

For Real Estate Developers, the lifecycle of any project—from commercial office space to large residential schemes—is defined by a rising cost curve. Securing the necessary Construction Finance is …

What is Cash Flow Finance and Why Liquidity Matters

For corporations, profitability measures long-term success, but cash flow dictates immediate survival. Cash Flow Finance refers to a suite of financial products and strategies designed to optimise …

What are the Advantages and Disadvantages of Bank Loans in Today’s Economy?

For corporations seeking Corporate Liquidity and Capital Access Services, traditional bank loans remain a primary funding avenue. However, in today’s environment of tighter credit standards and inc…

Strategic Liquidity: What’s the Difference Between a Credit Facility and a Loan?

For corporate treasurers and executives, understanding the distinction between a Credit Facility and a traditional Term Loan is critical for efficient Corporate Liquidity and Capital Access. The di…

What are the Pros and Cons of a Secured Loan for Corporate Borrowers?

For corporate borrowers, especially those managing high-value projects, a Secured Loan is an integral part of Collateral Management and Risk Mitigation. It offers favourable terms by reducing the l…

Asset-Backed Finance: What is a Secured Loan and How Does It Leverage Your Collateral?

What is a Secured Loan? For corporations and sophisticated enterprises, the path to capital often relies on Asset-Backed Finance. At the heart of this strategy is the Secured Loan, a fundamental ba…

Secured or Unsecured? The SME’s Guide to Smart Corporate Borrowing

For Small to Medium Enterprises (SMEs), finding the right type of Corporate Borrowing is not just about securing funds—it’s about matching the facility to the business objective without incur…

Beyond the Banks: Your Guide to Securing High-Value Private Credit

Securing Debt Financing for multi-million-pound Capital Projects—such as infrastructure development, major acquisitions, or large-scale corporate expansion—often exceeds the risk appetite or struct…

Interest Rates and Bank Rate Decisions – What They Mean for Your Loan Facility

For any business engaging in Secured Lending through facilities like Collateral Transfer, monitoring the central bank’s Base Rate decision is paramount. The official Bank Rate set by the Bank…

Financial Health Check: What Is A Credit Score and How Does It Work for Corporate Borrowers?

For Small to Medium Enterprises (SMEs), securing Business Finance often hinges on a single numerical assessment: the Corporate Credit Score. This number is more than just a metric; it’s a pre…

Bypassing the Score: Collateral Transfer for Business Finance

If your business is financially healthy but has a weaker or impaired Business Credit Profile or short trading history, traditional lenders often issue an outright rejection. This is because Busines…

The Executive’s Guide to Standby Letters of Credit: Securing Trade & Finance

For global enterprises, a Standby Letter of Credit (SBLC) is the ultimate mechanism for Risk Mitigation. Unlike a commercial letter of credit, which is intended to be the primary payment method, an…

Bank of England Cuts Interest Rates

The MPC Decision and Market Reaction In a move that saw UK interest rates fall to their lowest level in almost three years, the Bank of England (BOE) cut its benchmark interest rate by 25 basis poi…

The Golden Key to Credit: What is SWIFT MT760 and What is it Used For in Secured Lending?

For large-scale Secured Lending and sophisticated financial operations, the integrity and authenticity of the collateral message is paramount. The SWIFT MT760 is the cornerstone of this process—it …

Global Payments Decoded: What is a MT-103 and Why It Matters for Importers

For Importers and international traders, the movement of goods relies entirely on the guaranteed movement of capital. In this intricate world of cross-border commerce, the MT-103 is one of the most…

How Fast is Fast? Transfer Time for Corporate Liquidity

In the pursuit of competitive Corporate Liquidity and accelerated Capital Access, finance teams frequently ask: how quickly can a Collateral Transfer facility translate into actionable funds? While…

PE Finance: The Bridge to Instant Securitisation Liquidity

For managers in the Private Equity (PE) space, the decision to transform illiquid assets into tradeable securities via a Collateralised Fund Obligation (CFO) or similar fund securitisation structur…

How Does Collateral Transfer Work for Modern Business?

For businesses seeking financial agility, Collateral Transfer (CT) is a highly effective structured finance solution. It supports credit access and contractual security without creating immediate t…

Stop Guessing: Due Diligence That Secures Fund Finance

For Private Equity funds and sophisticated investors, Fund Finance—the ecosystem of credit facilities provided to investment funds—is a critical component of capital management. Among the most stra…

Unlocking Yield Through Currency-Based Arbitrage: Using Swiss CHF Lombard Loans to Buy UK 10-Year Gilts

In an era where global interest rates have risen unevenly across jurisdictions, sophisticated investors are rediscovering the power of cross-currency arbitrage. Switzerland, with its uniquely low i…

Swiss National Bank Holds Interest Rates Steady

Today, the SNB (Swiss National Bank) kept its benchmark interest rate on hold at 0.00%, as many market experts had already priced in a minimal chance of a rate reduction. This is the second straigh…

The Federal Reserve Cuts Interest Rates by a Quarter Point

FOMC Announces Rate Cut Amidst Divisions Today, the Federal Reserve’s FOMC (Federal Open Market Committee) cut interest rates by 25 basis points to 3.50% – 3.75% in a majority vote (9-3), whi…

Outlook for Crude Oil 2026

Many experts and observers in the crude oil arena are forecasting an oversupply in 2026, leading to an oil glut driven by rising supply and weaker demand. Price Forecast and Supply Glut Analy…

Outlook for Gold 2026

There is a divergence amongst gold experts and analysts regarding the price of gold in 2026, where some predict a continuation of gold’s strength, and others suggest a potential correction or just …

The Autumn Budget 2025 – Navigating the £26 Billion “Stealth Squeeze”

The Chancellor has delivered one of the most significant tax-raising packages in recent history. Rather than dramatic headline rate hikes, the strategy relies on a “stealth squeeze” des…

Bond Investors Edging Towards Emerging Markets

Investors in global bonds are eyeing a number of better-performing emerging markets, as they are currently a safer bet than their peers in the richer developed world, and some countries, such as So…

UK Chancellor Raises Taxes by £26 Billion in November Budget

Yesterday, the 25th of November, was a very chaotic day for the Chancellor of the Exchequer, Rachel Reeves, as the OBR (Office for Budget Responsibility) released in error details of the budget tha…

Overview of the Eurozone Economy 2026

Based on forecasts from experts and analysts this month, the eurozone economy is expected to see modest, stable growth in 2026. Such growth will be driven by domestic demand, with inflation close t…

What Happens if the U.S. Supreme Court Rules President Trump’s Tariffs Illegal?

President Donald Trump’s tariffs are now subject to a ruling by the U.S. Supreme Court (SCOTUS). On 5th November, the Court heard consolidated oral arguments in Learning Resources Inc v Trump and V…

The Record-Long U.S. Government Shutdown Has Come to an End

Global shares rose on Monday, 10th November, largely driven by sentiment that the historic U.S. federal government shutdown was finally nearing an end. The day before, on 9th November, the U.S. Sen…

Switzerland Close to Agreeing a Lower Tariff Rate with the United States

The Swiss government is reportedly close to agreeing a reduced tariff rate of 15% with the White House. However, experts caution that no deal will be finalised without the explicit approval of Pres…

Lukoil Declares Force Majeure in Iraq

Russian oil major Lukoil has declared a force majeure at its Iraqi oilfield West Qurna-2, as it struggles under the recently imposed sanctions by the United States. The declaration marks the most s…

Bank of England Keeps Interest Rates on Hold

In a knife-edge vote, with Governor Andrew Bailey casting the deciding ballot, the MPC (Monetary Policy Committee) voted 5–4 to keep interest rates on hold at 4.00%. It was a narrower margin than e…

Taking a Fiscal Holiday from the UK

How Wealthy Individuals Can Protect Their Capital, Leverage Arbitrage, and Live Free While the Storm Passes Introduction There are moments in history when prosperous individuals face more than the …

Bitcoin Continues to Fall After October Crisis

Yesterday, Tuesday 4th November, Bitcoin fell 7.4%, dropping below the $100,000 mark ($96,794) for the first time since 23rd June this year. Experts in the sector suggest that Bitcoin holders, as w…

The Federal Reserve Cuts Key Benchmark Interest Rates

On Wednesday, 29th October, the Federal Reserve’s FOMC (Federal Open Market Committee), for the second time in 2025, and in consecutive months, reduced interest rates by 25 basis points to 3.75% &#…

Russia Hit with New Oil Sanctions

Last week on 22nd of October, in Washington D.C, the U.S. Department of the Treasury’s Office of Foreign Asset Control (OFAC) announced that further sanctions on major Russian oil companies were be…

President Trump and the Tariff Trade Wars

On Thursday, 23rd October, President Donald Trump announced that he was halting all trade negotiations with Canada, blaming an advertisement funded by the Ontario Government, which cast negative co…

S&P Global Ratings Downgrade France’s Sovereign Credit Score

In a move that surprised bond markets, S&P Global Ratings (Standard & Poor’s), one of the world’s leading credit agencies, announced on Friday, 20th October, that it had downgraded France’s…

The Global Banking System at Risk from the USD 4.5 Trillion Private Credit Market

Senior Wall Street figures have voiced growing concerns that the global banking system could be facing serious risks from the USD 4.5 trillion private credit market. The main worries centre on risk…

What Ignited the Recent Record Crypto Crash?

On Friday, 10th October, just after reaching an all-time high, the cryptocurrency market imploded, wiping out around half a trillion dollars in value. Bitcoin alone lost more than USD 200 billion. …

Silver Soars Above $50 as Squeeze Hits London Silver Market

On Thursday, 9th October, silver breached the $50 per ounce mark for the first time since the 1980s, evoking memories of the Hunt brothers*, before continuing its climb to reach a high of $51.23 pe…

Gold Rally Helping China Towards Less Reliance on the Dollar and U.S. Financial Dominance

China and its partner countries in BRICS* have long aspired to develop an alternative currency to the US dollar, as well as their own payment systems and other financial instruments that would redu…

Precious Metals and Bitcoin Rise on the Back of Debasement Trades

A financial strategy in which investors allocate funds to assets such as Bitcoin and gold as a hedge against the devaluation of fiat currencies is known as a debasement trade. Key drivers include r…

Swiss Government Offering Gold Concessions to U.S. for Improved Tariffs

To reduce the tariffs currently standing at 39%, imposed by President Trump, the Swiss government has offered to invest in the United States’ gold refining industry in the hope that the White…

U.S. Politicians Ensure First Government Shutdown for Six Years

The deadline for the United States Congress to approve federal funding was midnight, and once again, politicians have put America in jeopardy by refusing to agree on a budget. The Republicans and D…

Is The Russian Economy Completely Underpinned by Its War Machine?

Experts on the Russian economy suggest that since the beginning of the invasion of Ukraine by Russia, more resources such as financial, human, and production, have been redirected to Russia’s milit…

USA and the World Bank Give a Boost to the Argentine Economy

Scott Bessent, the United States Treasury Secretary, has announced that Argentina is a “systematically important ally in Latin America” and went on to say that “all options are on the table” and “t…

Swiss National Bank Keeps Benchmark Interest Rate on Hold

Today, the SNB (Swiss National Bank) kept its key benchmark interest rate unchanged at 0%, as it continues to assess the impact on the economy of the tariffs imposed by United States President Dona…

Switzerland’s New Capital Push for UBS: Balancing Resilience and Competitiveness

In an update to our UBS (Union Bank of Switzerland) note in June of this year, the collapse of Credit Suisse in 2023 and its emergency takeover by UBS remains one of the most consequential events i…

Stablecoins & New Regulatory Regimes: Tether’s USAT and the Future of Digital Money

Why Stablecoins Matter Stablecoins have long been a bridge between the volatile world of crypto and the predictability of fiat money. By offering digital tokens that maintain a 1:1 peg to a stable …

The London IPO Market – Still in the Doldrums

In Q1 and Q2 of this year, data released showed the London IPO market was down to just £182.8 million from nine raisings, as opposed to the same period in 2024, where eight IPOs raised £526.7 milli…

Bank of England Leaves Benchmark Interest Rates on Hold

Today the BOE’s (Bank of England) nine-member MPC (Monetary Policy Committee) voted 7-2 to keep interest rates on hold at 4.00%, with the two dissenting votes of Swati Dhingra and Alan Taylor both …

Federal Reserve Cuts Interest Rates

Today, and for the first time since December 2024, the FOMC (Federal Open Market Committee) cut their benchmark interest rate by 25 basis points to 4.00% – 4.25%. This comes after literally m…

Bitcoin versus Altcoin – A Corporate Dilemma?

For a while now, and just in the background, there has been a long-simmering feud between the advocates of Altcoin and the purists of Bitcoin as they compete to win the corporate treasury boom*. In…

Bond Vigilantes Continue to Circle

What is a bond vigilante? They are investors who sell off government bonds to protest against official monetary or fiscal policies that they deem irresponsible or inflationary. To this end, they us…

ECB Holds Interest Rates Steady

There were no surprises for financial markets as today and for the second meeting in a row the ECB, (European Central Bank) kept their key deposit rate unchanged at 2%. Officials at the ECB advised…

The World Gold Council Looking to Launch a Digital Form of Gold

The WGC (World Gold Council)* is, according to experts within this arena, planning to launch gold in a digital form, which may well create major changes as to the collateralisation, trading and set…

Borrowing Costs for the United Kingdom Highest Since 1998 As Sterling Falls 1.5%

Yesterday, 2nd September, the pound slipped a full 150 basis points against the US Dollar (came back to a 1% drop at $1.34) on the back of increasing borrowing costs on the 30-year gilt (UK Governm…

Financing a Super-Yacht with a Swiss Lombard Loan: A Simple, Step-by-Step Guide

A Lombard loan is a line of credit secured against your liquid investments—typically cash, bonds, equities, and sometimes funds—held at a Swiss private bank. Instead of selling investments to pay f…

Brushstrokes and Balance Sheets: How AI Is Repainting Art and Banking

From the Renaissance studio to the modern trading floor, two seemingly distant worlds—art and banking—have always been connected by one invisible thread: the search for value. Whether it’s a painte…

Will Switzerland Join the United Kingdom’s Dirty Money Task Force?

At the end of August 2023, Switzerland announced that they would be proposing new rules that would toughen anti-money laundering laws in response to claims by the United States who said that their …

A Brief Overview – The Global Outlook for the Remainder of 2025

The central banks’ banker BIS (Bank for International Settlements) recently said that fractious geopolitics and trade tensions have exposed deep fault lines in the global financial system and the t…

How Tariffs are being Weaponised by President Trump

For years, international trade was as tranquil as it comes and within the offices of the WTO (World Trade Organisation) on the banks of Lake Geneva worked the trade lawyers and trade economists une…

U.S. Investment Surges into European AI – A Swiss Perspective

Since pulling back during 2023’s tech downturn, U.S. investors are once again muscling into deal flows in Europe – and AI is the magnet. Data released by PitchBook* shows the U.S. share of deal mak…

The Bank of England Cuts Interest Rates

On Thursday, 9th August the BOE (Bank of England) cut interest rates by 25 basis points to 4% and in the process, the MPC (Monetary Policy Committee) took borrowing costs to its lowest level since …

Trump Hits Switzerland with 39% Tariffs

The highlight of Switzerland’s summer calendar is the national holiday (Switzerland’s birthday), which fell last Friday, 1st of August, but all of Switzerland, including the government, woke up to …

Overview of the New Trade Agreement Between the European Union and the United States

On Sunday 27th July, and after weeks of tense behind the scenes negotiations, the President of the European Union, Ursula von de Leyen, shook hands with United States President, Donald Trump, concl…

The Federal Reserve Keeps Interest Rates on Hold

On Wednesday, 30th July and for the fifth straight time, the Federal Reserve’s FOMC (Federal Open Market Committee) kept interest rates steady at 4.25% – 4.50%. The committee voted 9 – 2 to k…

The ECB Leaves Interest Rates Unchanged

Today the ECB (European Central Bank) held interest rates steady with the key deposit rate* holding at 2%. To date, the ECB has cut interest rates eight times since June 2024 and President Christin…

Collateralised Fund Obligations are Emerging as a Popular Route to Raise Finance

Collateralised Fund Obligations or CFOs have been around for nearly 25 years, they are a close relative of CDOs (Collateralised Debt Obligations) and are a vehicle for securitising real or alternat…

Overview for Gold Q3 and Q4 2025

In Q1 and Q2 gold investment demand for the metal was strong with gold rising at a record setting pace of 26% (in US Dollars terms), this was mainly a result of global geoeconomics uncertainty, ran…

Bitcoin Surges Past USD 120,000 Creating New Record

On Monday of this week, Bitcoin blew past the USD 120,000 mark creating a record price and hitting a high of USD 123,205 (up 3.4%) before pairing early gains to trade around the USD 121,600 mark. O…

Major Banks Have Ditched the Net Zero Banking Alliance

The NZBA (Net Zero Banking Alliance) was convened in April 2021 by the UN (United Nations) Environment Programme finance initiative and led by banks whose mission statement was to support efforts t…

In the Crypto World Are Stablecoins About To Become Mainstream?

In the cryptocurrency arena, a stablecoin is a digital asset where the value is pegged to a fiat currency such as the US Dollar, the Euro, or the sterling pound. They can also be linked to other as…

Emerging Markets Debt Could Potentially Hit Record Sales in 2025

Experts in emerging market debt advise that global issuance volumes in this sector year-on-year were up 20% for Q1 and Q2 for 2025, with issuances growing particularly quickly from the corporate se…

Indian Regulators Come Down Hard on India’s Options Market

Over the last five years, India’s equity derivatives* market has become the largest in the world, with a daily turnover (including options**) of circa USD 3 Trillion. India’s SEBI (the Securities a…

Is the US Dollar Under Threat Due to the Policies of Donald Trump?

Donald Trump was inaugurated on Monday 20th January 2025, and since his elevation to the White House, the greenback has lost over 10% of its value against the Swiss Franc, Sterling, and the Euro. G…

Is the Russian Banking System Close to a Systemic Crisis?

Experts in the Russian banking arena, plus a number of Russian banking officials themselves, have advised that the banking system in Russia is close to a systemic* crisis. A number of officials wit…

Swiss National Bank Cuts Interest Rates to Zero

On Thursday 19th June, the SNB (Swiss National Bank) announced their benchmark interest rate was being cut by 25 basis points to zero and is now standing very close to a negative interest rate for …

Bank of England Holds Interest Rate Steady

On Thursday 19th June the BOE (Bank of England) held benchmark interest rates steady at 4.25% – 4.00% with the MPC (Monetary Policy Committee) voting 6 – 3 leaving rates on course for a poten…

Federal Reserve Hold Interest Rates Steady

On Wednesday 17th June, and for the fourth straight meeting, the FOMC (Federal Open Market Committee) announced that benchmark interest rates will remain steady at 4.25% – 4.50% with policyma…

Major Victory for the Crypto Arena as Senate Passes Stablecoin Bill

On Tuesday 17th June 2025, the United States Senate passed a bill (AKA The Genius Act) to create a regulatory framework for “Stablecoins”* in a defining moment for digital currencies in the crypto …

Rush to File Exotic ETFs Linked to Crypto

Currently there is a rush of filings by fund firms for exotic ETFs (Exchange Traded Funds) that will be linked to will track digital artwork, cryptocurrencies, meme coins in the hope that bored ret…

Are Banks Using the Phrase ‘Non-Inclusive’ as an Excuse to Debank Clients?

What exactly do the words ‘Debank’ or ‘Debanking’ mean in today’s financial world? In simple terms a bank can close, without notice or recourse, an individual’s or company’s…

Swiss Regulators Forcing UBS to Increase Capital by USD 26 Billion

In an attempt to defray the risks of another Credit Suisse debacle, the government of Switzerland has proposed, much to UBS’s consternation and chagrin, that UBS increase their capital requirements…

The Debanking Crisis and How to Rebuild Financial Confidence

A new financial phenomenon has in recent years swept through the financial world and it is known as “DEBANKING”. Debanking occurs when a bank, at any time and in any place, closes a corporate, pers…

The European Central Bank Cuts Interest Rates

Today the ECB (European Central Bank) for the eighth time in a year cut interest rates by 25 basis points leaving the deposit rate standing at 2%. The governing council were unanimous in their deci…

Trump’s Tariffs Hobble U.S. Markets Whilst European Stocks Forge Ahead

The week ending 30th May 2025 saw equities in Europe as a clear winner globally, whilst tariffs and trade wars initiated by President Trump have hampered and shackled the markets in the United Stat…

Has President Trump Triggered a Sell-Off of U.S. Dollar Assets by Asian Countries?

Analysts advise that many exporting Asian nations, especially those considered as powerhouses* are beginning to unwind their US Dollar holdings which today stands at circa USD 7.5 Trillion. Preside…

Rebuilding Financial Confidence After Debanking

Expert Banking Solutions for High-Net-Worth Individuals in the UK and Europe When the System Says No, We Say “Let’s Begin Again” In recent years, an unsettling trend has been sweeping across the Un…

Trump Reignites Trade War with EU as he Threatens 50% Tariffs on the Bloc

On Friday 23rd May, President Trump threatened to impose a 50% tariff on June 1st, 2025, on the EU (European Union) stating that current negotiations on trade between Washington and Brussels were g…

Will the UK’s Inflation Figures Strengthen the Bank of England’s Hawkish Bias?

The latest data released by the ONS (Office for National Statistics), shows the United Kingdom’s inflation rate, the CPI (Consumer Price Index), jumped to 3.5% from 2.6% in April of this year, driv…

United States and China Trading Update

Without a doubt, President Trump’s tariff war has severely disrupted trade between the two economic powerhouses, and nowhere else is this as dramatically highlighted as Apple’s iPhone and mobile de…

Moody’s Downgrades the United States’ Sovereign Credit Rating

On Friday May 16th, 2025, the credit rating agency Moody’s downgraded the Unites States’ sovereign credit rating from Aaa (equivalent to AAA at Standard & Poor’s and Fitch) by one notch t…

Despite the Recent Rebound, Will Investors in the Long-Term Continue to Dump Dollar Assets?

Although recent losses in US stocks have almost been wiped out, market experts believe that institutions such as pension funds and institutional money managers could in the long-term cut back on th…

Are We Living In 1984

How the Automatic Exchange of Information Act is denying human rights to financial privacy As we see new laws and regulations that are set to destroy financial bastions and banking privacy – …

What will the new FINMA FinTech licence mean to investors?

Recent news covered the Swiss Parliament’s introduction of the new FinTech licence to encourage innovation within financial companies that interested parties can apply for from the Swiss Financial …

Retail Bonds: A Return With A Difference

Bonds have always been an investment opportunity for those who are looking for a long term, high return option, with recent market forces showing bonds popularity continuing with investors cashing …

Gold Doré Purchase – Bolivia, Brazil & Canada

Proposal Collateral Transfer Facility – Collateral Injection to Guarantee Gold purchases: Export / Import. Brief : To obtain collateral that would Guarantee the clients’ suppliers for the payment o…

Commercial Port Development – Adriatic

Proposal Collateral Transfer Facility – Collateral Injection with Credit Line and Investment. Brief : To obtain strong collateral to secure both private investors and commercial lending facilities….

Hotel & Casino Development – Europe

Proposal Collateral Transfer Facility – Collateral Injection with Loan Advance included. Brief : To obtain suitable collateral and secure a lender to make available loan funds to the Client. Total …

Residential Property Development – Holland

Proposal Collateral Transfer Facility – To act as back-up support and enhancement. Brief : To obtain suitable collateral to bolster or enhance ability and to act as a fall-back in the event further…

Mineral Water Bottling Plant – FYROM.

Proposal Collateral Transfer Facility – Collateral Injection with Credit Line and ongoing support Brief : To obtain suitable collateral and secure a lender (or investor) to make available loan fund…

Indian Textile Manufacturer – subsidiary in Dubai

Proposal Collateral Transfer Facility – Collateral / Loan Security Only Brief : To Secure and Guarantee an existing pre-approved commercial credit line Total Facility Requirement : € 12 million Fac…

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