There is a direct link between the Bank accepting project risk and the cost of its funding. If the Bank does not take project risk, the Provider/Borrower normally has to pay the extra cost of commercial bank guarantees. It is clear from discussions with OPS and RM that the approach to risk assumption tends to be ad hoc, rather than based on a specifically evolved policy or experience. While operations are always within the framework of the Bank's Credit Risk Guidelines, the decision to accept risk is influenced by whether the EIB pricing would remain competitive once the cost of guarantees is included.