PET - Plain English Taxonomy

Attribute: CS17105
Label: Credit Derivatives used for acquiring Credit Risk Exposure
Concept Guidance:
This is the value, as at the relevant date, of credit derivatives used for acquiring credit risk exposures other than those classified as direct credit substitutes.This item is reported for capital adequacy purposes and is to be determined in accordance with relevant prudential standards.A sold credit derivative is a credit derivative that has been sold, or written, by an entity. A credit derivative enables the user to transfer the credit risk of an underlying asset from one party, the protection buyer, to another, the protection seller, in isolation from other risks.A direct credit substitute is an irrevocable off-balance sheet obligation that carries the same credit risk as a direct extension of credit, such as an undertaking to make a payment to a third party in the event that a counterparty fails to meet a financial obligation. 
Dimension Member Description
This dimension categorises the reported data according to the measurement scenario under which the reported value was calculated.
The value reported is the notional principal amount. The notional principal amount represents the face value, or gross amount, of an off-balance sheet transaction.This does not represent the fair value.
This dimension categorises information reported in relation to the capital adequacy approach adopted, as determined in accordance with relevant prudential standards.
The information reported is for capital adequacy purposes and has been determined under the standardised approach to calculating capital adequacy, in accordance with relevant prudential standards.