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International Law

Bank Law Blog

An idiosyncratic selection of news in the world of English bank law.

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Last Entry: July 08, 2010 at 09:41:02

Bills: bank accounts and Scottish banknotes

Posted on April 01, 2009
A bill that proposes to require banks and building societies to offer retail customers a current and a savings account for no charge is going through Parliament. It has already received its first (perfunctory) reading and the substantive, second reading will be held on 19 June...

Bank charges case - to the House of Lords

Posted on April 01, 2009
The House of Lords have allowed the banks to appeal to them against the Court of Appeal’s decision that the issue of fairness of bank charges falls within the Unfair Terms in Consumer Contract Regulations. See the most recent post by Bank Law Blogger on this...

Banking Bill

Posted on February 11, 2009
The Banking Bill is on its final parliamentary stretch and in theory expects to receive Royal Assent by tomorrow, 12 February 2009. It is now in the process of debate quaintly called “ping-pong”. Both Houses must agree on the text of the Bill and there are still issues to resolve before they can agree on every [...

Home Repossession (Protection) Bill

Posted on February 06, 2009
Andrew Dismore MP introduced this Private Members’ Bill on 3 February 2009 in reaction to the case last year of Horsham v Clark. The Bill proposes to amend the Law of Property Act 1925 so as to require a mortgagee to obtain the court?s permission before exercising the power of sale over a dwelling-house...

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Timing of changes to law on registration of charges

Posted on January 30, 2009
It might helpful to set out the timing of changes to the law of registration of charges. The implementation timetable of the Companies Act 2006 is , after all, complicated. The key date is 1 October 2009. On that date Part 25 (Company Charges) of the Companies Act 2006 comes into force...

Bank charges - latest judgment

Posted on January 26, 2009
The test case in the High Court as to whether the Unfair Terms in Consumer Contracts Regulations apply to questions of fairness as to the level and application of unarranged overdraft charges continues. The judgment in the hearing on 9 December 2008 has been published (21 January 2009) and looks at whether some historical terms allowing the [...

Pre-packaged administration

Posted on January 21, 2009
A new rule affects “pre-packaged sales” or “pre-packs” - arrangements to sell a company’s business or assets to a buyer before an administrator is appointed. The administrator effects the sale on his appointment. Unsecured creditors have no chance for involvement in the sale of the business or assets before it takes place...

Twitter Updates

Posted on December 19, 2008
I’ve added a Twitter update to the Bank Law Blog, so that now anyone who wishes to can follow me on Twitter either by subscribing to the RSS feed or by following me on Twitter itself. For anyone not familiar with Twitter the following is a great introduction to the service...

Twitter Updates

The Banking Bill

Posted on October 12, 2008
Roomfuls of people are playing games of “Pass the parcel of debt” for years. Sometimes one room joins up with another roomful and they swap, paying each other as they go, and interchange with other rooms. The music stops in some rooms. What are those parcels worth when they are opened? The Telegraph’s analaysis “The decade of debt [...

Financial Collateral Arrangements

Posted on September 16, 2008
Will we see any UK case law soon on the Financial Collateral Arrangements (No. 2) Regulations? Recent events at Lehman’s in particular might throw up some issues. In any case, the Privy Council are set to hear the Alpha Telecom v Cukurova British Virgin Islands’ case on 23 February 2009...

Rome 2

Posted on September 15, 2008
If you are dealing with cross-border finance agreements, “Rome 2″ might affect the drafting of your governing law and submission-to-jurisdiction clauses. “Rome 2″ is the EU Regulation that harmonises conflict of law rules in non-contractual obligations (tort) in civil and commercial matters...

Posted on September 14, 2008

Do banks understand the clearing cycle?

Posted on August 22, 2008
The Banking Code Standards Board have published the results of their mystery shopping to see how many banks understood the impact of the 2-4-6 cheque clearing process. They found there is confusion among bank staff. They looked for the ability of bank staff to provide clear and accurate information about cheque clearing times...

The Vienna Sales Convention

Posted on August 11, 2008
To the casual observer, it might not be obvious why the Vienna Sales Convention is relevant to banking law but I see the Financial Markets and Law Committee have said the Convention will apply to derivative contracts where there is provision for physical delivery...

Rome 1 conference

Posted on August 11, 2008
Do you need to catch up on Rome 1 or get 5.5 Law Society CPD points under your belt? The Regulation will come into force on 17 December 2009. There will be a conference on Rome 1 on 19 September, £140, by the Birmingham Law School, in London. Rome 1 is shorthand for the now [...

Bribery and corruption

Posted on June 24, 2008
The Government plan to introduce a bribery bill in the 2008/9 parliamentary session, according to this year’s Draft Legislative Plan. There was a Corruption Bill in the 2005/6 session, that did not survive the end of the session. It is too early to say whether the new bill will be more or less a repeat of [...

Bank charges case - next date

Posted on June 19, 2008
The next hearing in the test case on bank charges brought by the Office of Fair Trading against seven banks and one building society will be held on 7 July 2008 and is expected to last three days. The Court will determine: whether any other terms and conditions in the bank?s documents that were not covered by the [...

Keep clear notes

Posted on June 17, 2008
Some cases have shown the importance of keeping clear notes when you change the terms of an existing agreement. We have always known that without clear evidence, it is much harder to persuade the court that your version of events is right. But being human, good practice sometimes gets forgotten...

Roman banking

Posted on June 13, 2008
David Jones has written an article on some 1st century AD banking records. He tells of the Sulpicii who provided finance for grain merchants in Puteoli, the port of entry for Egyptian wheat coming to Rome. Somehow, a collection of wax writing tablets recording the transactions turned up in a suburb of Pompeii...

Loan buy-backs

Posted on June 10, 2008
It makes good press to express doubt over the legality of borrowers buying back their borrowing cheap. There has been a flurry of articles about debt buy-backs. “Debt” in the language of our trade journals - really “loan buy-backs”: to distinguish them from the practice in the securities world which raises no eyebrows...

Liquidity

Posted on May 15, 2008
There is a rather interesting paper the BIS have just published that explains the Federal Reserve’s thinking about central banks providing liquidity. It’s worth having a look at for a view of the big picture of what has been going on in the financial markets over the past year...

Retail Distribution Review Interim Report

Posted on April 30, 2008
The FSA hope to encourage consumers to get more confidence in using the retail financial products market. As part of their project to achieve this, today the FSA have published the Retail Distribution Review Interim Report. There is more commentary on my employer’s site...

Bank charges - OFT to review terms

Posted on April 24, 2008
The judgment on the test case hearing of January 2008 has been published this morning. On a quick look through, the OFT will be able to review the fairness of the charges under the Unfair Terms in Consumer Contracts Regulations. Contrary to the implication of some national headlines appearing already that the banks have “lost [...

Some ISDA news

Posted on April 22, 2008
New and revised credit derivative documentation Also available on ISDA’s site are: 1) iTraxx® LevX® standard terms supplement and confirmation for credit derivative transactions on leveraged loans. These documents are designed for credit default swap transactions where the reference entity is a European syndicated loan which is listed on the iTraxx® LevX® index and are primarily intended [...

Companies (Particulars of Company Charges) Regulations 2008

Posted on April 21, 2008
BERR have published The Companies (Particulars of Company Charges) Revised Draft Regulations 2008. They, Err …, deal with the information to be provided to the Registrar of Companies on the registration of company charges under Part 25 of the Companies Act 2006...

New Banking Codes

Posted on April 17, 2008
The new Business Banking Code and the Banking Code were published at the start of April, together with guidance and a fact sheet giving the key new provisions. The Codes have been given a bit of “press”. Radio 4’s Moneybox Live had Eric Leenders, head of the Retail team at the British Bankers’ Association on to explain the changes...

Improving processing of credit derivatives

Posted on April 16, 2008
In response to concerns about backlogs of unconfirmed trades in the over-the-counter (OTC) derivatives market, a group of dealer banks have written to the New York Federal Reserve committing to improving the trade processing of credit derivatives. In recent years, the volume of trades has increased and many banks are struggling to process them...

?Rome I - Should the UK Opt in??

Posted on April 15, 2008
The Ministry of Justice has issued a consultation paper addressing the issue of whether the UK should opt in to the Rome I Regulation on choice of law in contract. BLB has been concerned about Rome 1 before. The Rome I proposal will provide clarity over which law applies if a dispute arises over a contract made [...

An apology and some law

Posted on April 14, 2008
Bank Law Blogger’s loyal reader must think BLB spends too much time watching credit crunch and her shares plummet to write posts for the Blog. It’s true. That, combined with an enjoyable secondment to a client has distracted her a trifle...

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