translate English to French: As a result any funding from the capital markets (e.g. subordinated debt which is an important form of capital for insurers) would create a liability for the undertaking greater than the amount of cash raised.
Or. en Justification For non-insurance liabilities (i.e. liabilities which are not to policyholders) undertakings should be required to use the discount rate corresponding to the risk inherent in the liability.