One way is to request a credit application (so dubbed because the supplier is essentially offering an unsecured loan): This sets the terms of the transaction and the procedures to deal with conflicts when they come up.

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Among the failed investments was an unsecured loan of 700m euros to a shipping company - about half of which was lost - and a loan of half a billion euros to a Greek TV company.

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All of the other ELA debt was contracted under the Facility Deed which according to the Anglo Irish Bank Annual Report 2010 is an unsecured loan facility guaranteed by the Minister for Finance who separately benefits from a counter indemnity from the Bank should the guarantee be called upon.

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HMRC's debts make up only 18% of the unsecured total (everything apart from Chainrai's loan and smaller amounts owed to banks) so it cannot block a CVA proposal on its own.

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