Investor Presentaiton
A Dual First Demand Guarantee System
An explicit and
irrevocable first
demand guarantee
from AFL - ST to
the financial
ST Guarantee (call by the creditors) : autonomous first demand guarantee granted by the ST for the benefit of the
issuer's creditors. AFL-ST has the option to call on the Member Guarantees in two cases: in the event that the ST Guarantee is
called on or preventively on the due date at the express request of the Issuer.
1
creditors of AFL up
to an amount which
ST
Guarantee
Creditors
-
2
AFL - ST
1
Guarantors
-
2
is set by the Board
(€15bn as of today).
n
Joint explicit and
irrevocable first
demand guarantee
from each member
local authority, to
the financial
creditors of AFL, up
to the amount of its
outstanding
medium and long-
term loans received
from AFL
Issuer (AFL)
Preventive request by the
issuer on ST guarantee to
prevent a breach of capital
regulatory ratios.
Member Guarantee (call by creditors): autonomous first demand guarantee granted by the Members to the issuer's creditors
2
1
1
Member
Guarantee
Creditors
-
2
Guarantors
2
n
C
14
n
CAFL
Lo bonque
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