European Court of Justice (Fourth Chamber).

J.-C. Bonichot, President of the Chamber, K. Schiemann, C. Toader (Rapporteur), A. Prechal and E. Jarašiūnas, (Judges), N. Jääskinen, Advocate General.

Judgment delivered 10 March 2011.

Value added tax – exemption – transactions in securities – underwriting guarantee provided by credit institutions to issuing companies in respect of share issue on capital markets – whether guarantee covered by exemption for transactions in securities – Council Directive 77/388, art. 13(B)(d)(5).