Spot on. If you are underwriting private credit as an endorser or accommodation party, its akin to an unsecured loan (i.e. secured by everything you have) and they want to be able to track the specific asset block of the member....
...of the Monetary Union. Is it surprising if the EU doesn't seem very democratic or governmental? The flag of the EEC (European Economic Community which is associated with the European Monetary Union) is very same as that of the EU. Surprise!