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Official release of ICC Global Trade and Finance Survey Report 2014

04/07/2014 The 2014 edition comprises data from 298 banks in 127 countries, with an expanded look at trade finance gaps; regional studies for South America and Eastern Europe; global value chains and new trade facilitation initiatives; availability of trade finance, and the tangible effect of various regulations around the world.

The report can be downloaded from this link: http://www.iccwbo.org/Products-and-Services/Trade-facilitation/ICC-Global-Survey-on-Trade-Finance/

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Latest Question

Refer to UCP 600 article 39. The presenting bank (bank B) has sent a full set of documents to the issuing bank (bank A) and bank A has sent an advice of acceptance to bank B and will effect payment on the due date. Before due date, bank B requested bank A to assign full proceeds to bank C. Subsequently, before due date, bank C requested bank A to assign full proceeds to bank D. Question: 1. Beginning, can bank A refuse bank B’s assignment request, and insist on effecting payment to bank B on due date? Bank A informed bank B as follows: The assignment agreement exists between your bank, the beneficiary and bank C, our bank is not a party of the assignment agreement, we refuse your assignment request. At due date, we will effect payment to your bank. After receipt of the proceeds, your bank may assign proceeds to bank C at the request of the beneficiary. 2. If bank A agreed bank B’s assignment request and replied “at due date, we will effect payment to bank C”, can bank A refuse bank C’s assignment request, and insist on effecting payment to bank C on due date? Bank A informed bank C as follows: As per UCP 600 article 39, only the beneficiary has the right to assign any proceeds, we have agreed effecting payment to your bank on due date at request of the beneficiary and bank B, we refuse your assignment request. At due date, we will effect payment to your bank. After receipt of the proceeds, your bank may assign proceeds to bank D.