SVB will have access to £20m letter of credit facilities from Lloyds...

SVB will have access to £20m letter of credit facilities from Lloyds TSB.

SVB said the credit is available as funds at Lloyd's to support it's underwriting for the 2005 and 2006 years of account.

As a result, reinsurer letters of credit for £6m and $25m will be substituted and released as part of the June 2005 coming into line process, it said.

The facility reduces the cost of the top £20m of SVB's capital base.

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