Definition: Guarantee

Category: European System of Accounts (ESA)

Arrangement whereby the guarantor undertakes to a lender that if a borrower defaults, the guarantor will make good the loss the lender would otherwise suffer. http://ec.europa.eu/eurostat/product?code=KS-02-13-269&mode=view European Union, Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union, Official Journal of the European Union No L 174, 26.06.2013, p. 1 - 727