Suppliers need to lodge Credit Cover for each month of the Delivery Year. For October, the first month of the 2016/17 Delivery Year, Credit Cover is required to be lodged by 5pm on 15 September 2016. We sent you a schedule outlining the amounts of Credit Cover needed for each month of the upcoming Delivery Year on 29 July 2016.
The process for lodging a Letter of Credit has been amended. You now need to request that your bank uses the SWIFT process rather than sending a physical letter to EMRS in the post.
What types of Credit Cover can be used?
Credit Cover can be accepted as either cash or Letter of Credit or a combination of the two. The bank account details and the approved Letter of Credit template can all be found in WP45 – Supplier CM Credit Cover.
WP45 has been updated to reflect the move to digital Letters of Credit. This has impacted the process for lodging a Letter of Credit and the drawn down on it. You now need to request that your bank uses SWIFT rather than sending a physical letter in the post to EMRS. The Letter of Credit template has been updated to accommodate this so please ensure that you use the correct version.
We also recommend that you:
- Notify us once Credit Cover has been provided (either cash or Letter of Credit) including the amount and format to [email protected]
- If lodging as a cash amount please include your EMR Party ID in the reference
WP45 – Supplier CM Credit Cover provides details on the process for lodging and refunding Credit Cover including the Letter of Credit templates and bank details. G14 – Supplier CM Credit Cover explains how Credit Cover requirements are calculated and what happens if a Supplier doesn’t lodge enough Credit Cover.
For further information, please see EMRC95.