After the pandemic, the war in Ukraine and escalating trade disputes, the global economy is once again being put to the test. "The conflict in the Middle East is not only causing short-term disruption of oil, gas and other raw material supply lines. It is also jeopardising supply line security over the longer term,” says Philippe Ledent, a senior economist at ING.
“While the blockade is currently having a severe impact, in principle, the situation can be rapidly reversed: as soon as the guns fall silent, some of the volumes can return quickly to normal levels,” he continues. “But the damage to production facilities and ports is more structural in nature. The risk that they will remain out of use for months or even years after the end of the war is now very real.”
The uncertainty is palpable in every business. It is not just oil and gas that have become significantly more expensive. “Prices of other raw materials such as aluminium, helium (indispensable in the production of electronics) and fertilisers have also risen,” says Philippe Ledent. “This translates into higher production and operating costs for businesses. Moreover, geopolitical tensions are also having an impact on exchange rates and interest rates."
The current climate is very volatile. And for those who have seen one crisis after another, in recent years, this is increasingly becoming the new normal.
"}},{"componentType":"sectionTitle","title":"Providing certainty in an uncertain market"},{"componentType":"paragraph","richBody":{"value":"In this context, trust is no longer a luxury, but a prerequisite for doing business at all. Increasingly, business partners, clients or landlords are demanding a guarantee that contractual obligations will be met. Especially when the economic situation of a counterparty is difficult to assess.
A bank guarantee fulfils exactly that function. By having a bank act as guarantor of your contractual obligations, you give your counterparty a safety net. The beneficiary of the guarantee receives financial compensation if you fail to meet your contractual obligations, either in full or on time. This makes a bank guarantee comparable to fire insurance: you take it out in the hope that you will never need it. In some cases, without a guarantee, it is difficult to even get a seat at the negotiating table.
"}},{"componentType":"paragraph","richBody":{"value":"Bank guarantees are required in a wide range of situations: from major purchases to legal obligations. You can find more information under the frequently asked question “What types of bank guarantees can I request?”.
A few examples:
• A construction company wants to purchase a new machine. The company needs to be sure that the supplied machine complies with the contract, and if it does not, that financial compensation will follow.
• A transport logistics company is applying for a licence from the FPS Mobility and Transport or wishes to upgrade an existing licence. In such cases, a bank guarantee is a legal requirement.
• A customer wants to rent or lease a warehouse. The landlord or leasing company requires a bank or rental guarantee as security to ensure that the customer will meet their obligations under the lease or rental agreement.
What all these situations have in common is that the other party wants certainty, and you want to be able to close the deal.
"},"title":"When is a bank guarantee essential?"},{"componentType":"highlight","richBody":{"value":"A bank guarantee is a commitment by a bank to pay a specified amount to a beneficiary if the principal fails to meet their obligations. Once the conditions of the guarantee are met, the bank pays out – regardless of what has transpired between the parties. It is this unconditional nature that makes a bank guarantee so powerful: the beneficiary knows they can rely on receiving the payment.
Would you like to know more?
Watch the introduction video under “What is a bank guarantee?” in the frequently asked questions →
"},"title":"What is a bank guarantee?"},{"componentType":"sectionTitle","title":"Arrange your bank guarantee in 10 minutes? It can be done."},{"componentType":"paragraph","richBody":{"value":"ING makes it quick and easy to apply for your bank guarantee. You can even sign it digitally. Depending on eligibility, the entire process can take less than 10 minutes (we will get in touch if extra information is required). In a market where every day counts, that’s no small detail. We know that business people need a banking partner that can provide certainty, flexibility and trust when it really counts.
"}},{"componentType":"cta","textLink":{"text":"ING customer? Apply for your bank guarantee","url":"https://ebanking.ing.be/banking/business-lending/instant-lending?product=bank-guarantee"}},{"componentType":"cta","textLink":{"text":"Not yet an ING customer or not a legal representative? Apply here","url":"https://businessnews.ing.be/bankguarantees/landing?LANG=EN"}}]},"hasMacro":false,"id":"fe84b773-0918-4dd4-9b65-7bfdb4b112a6","legalZone":{"flexComponents":[{"componentType":"paragraph","richBody":{"value":"This article gives you general information and is not personalised advice. As rules and conditions may change, you should always check the most up-to-date information. If you are unsure, seek professional advice. ING Belgium SA/nv cannot be held liable for any decisions made on the basis of this information.
"},"title":"Disclaimer"}]},"localeString":"en-GB","mainHeaderZone":{"backLink":{"textLink":{"text":"Financing: leasing & credit","url":"/en/business/financing"}},"componentType":"editorialHeader","coreHeader":{"body":"Doing business has rarely been so unpredictable. Anyone looking to secure a contract these days needs to offer more than just a firm handshake. A bank guarantee gives your counterpart the assurance they need to do business with you.","headerImage":{"extension":"png","original":"https://assets.ing.com/asset/b747f45c-1697-4b72-b570-5fd3f6af76f8/Green-boots-artikel-bankgaranties-V2.png","transformBaseUrl":"https://assets.ing.com/transform/b747f45c-1697-4b72-b570-5fd3f6af76f8/Green-boots-artikel-bankgaranties-V2","type":"image","width":1920},"title":"Doing business with confidence in uncertain times: why a bank guarantee matters more today than ever"},"date":"2026-05-28","readingTime":3},"publishDate":"2026-05-28T12:22:55.180+02:00"}}