You are looking at 1 - 10 of 30 items :

  • natural rate of interest x
  • Finance and Banking Law x
Clear All
You do not have access to this content

Geoffrey Yeowart, Robin Parsons, Edward Murray and Hamish Patrick

facility in the sum of US$1.352 billion. The 15 See Chapter 2, Part C. 260 Columns Design XML Ltd / Job: Yeowart-Parsons_Law_of_Financial_Collateral / Division: 19_Chapter12 /Pg. Position: 8 / Date: 10/12 JOBNAME: Yeowart & Parsons PAGE: 9 SESS: 5 OUTPUT: Wed Jan 13 11:24:19 2016 B. TEST CASES ON THE LAW OF APPROPRIATION borrowing was repayable in four equal instalments, the first being due on 28 November 2008. Interest was payable at an annual rate of 8 per cent over LIBOR. Default interest of 11.5 per cent over LIBOR was payable on any overdue amount

You do not have access to this content

Geoffrey Yeowart, Robin Parsons, Edward Murray and Hamish Patrick

collateral-provider to substitute [ financial collateral of the same or greater value ]11 or withdraw excess financial collateral [ or to collect the proceeds of credit claims until further notice ]12 shall not prevent the financial collateral being in the possession or under the control of the collateral-taker; and (d) the collateral-provider and the collateral-taker are both non-natural persons; “security interest” means any legal or equitable interest or any right in security, other than a title transfer financial collateral arrangement, created or otherwise arising by

You do not have access to this content

Geoffrey Yeowart, Robin Parsons, Edward Murray and Hamish Patrick

This book is the first of its kind to offer a systematic examination of the whole law relating to financial collateral. It does so in two parts. First, it explains the law created by the Financial Collateral Arrangements (No 2) Regulations 2003, the Directive it implemented and related legislation. Second, it examines how financial collateral is used in practice in a range of different markets. It will be an essential reference point for all legal practitioners operating in financial markets.
You do not have access to this content

Geoffrey Yeowart, Robin Parsons, Edward Murray and Hamish Patrick

the Directive in the UK Instead of simply ‘copying out’ the wording of the FCD into UK legislation, 5.07 HM Treasury (the ‘Treasury’) sought to implement the Directive by introducing consequential changes to the relevant UK statutory provisions. These are summarised in Part B below. B. MODIFICATION OF UK INSOLVENCY LAW IN RELATION TO FINANCIAL COLLATERAL ARRANGEMENTS 1. Exclusion of restriction on enforcement of security The stay on enforcement of security where a collateral-provider enters into 5.08 administration is disapplied where the security interest is

You do not have access to this content

Geoffrey Yeowart, Robin Parsons, Edward Murray and Hamish Patrick

, and depository receipts in respect of shares; (b) bonds or other forms of securitised debt, including depository receipts in respect of such securities; (c) any other securities giving the right to acquire or sell any such transferable securities or giving rise to a cash settlement determined by reference to transferable securities, currencies, interest rates or yields, commodities or other indices or measures. 102 103 104 It is also possible for a financial collateral arrangement to be created under English law over securities which are constituted under the law

You do not have access to this content

Geoffrey Yeowart, Robin Parsons, Edward Murray and Hamish Patrick

298 Columns Design XML Ltd / Job: Yeowart-Parsons_Law_of_Financial_Collateral / Division: 20_Chapter13 /Pg. Position: 10 / Date: 10/12 JOBNAME: Yeowart & Parsons PAGE: 11 SESS: 4 OUTPUT: Wed Jan 13 11:24:19 2016 B. LAW APPLICABLE TO A FINANCIAL COLLATERAL ARRANGEMENT services. In other words, a party that merely pays is not normally considered to be rendering the performance that is ‘characteristic’ of that contract. But who renders the characteristic performance under an interest rate swap transaction? Who renders the characteristic performance under a

You do not have access to this content

Geoffrey Yeowart, Robin Parsons, Edward Murray and Hamish Patrick

deposits and sums due or payable to, or received between the parties in connection with the operation of a financial collateral arrangement or a close-out netting provision’.4 ‘Cash’ obviously includes a deposit or credit balance held by a customer with a 3.06 bank.5 In Gray v G-T-P Group Ltd Re F2G Realisations Ltd (in Liquidation) (‘Gray’),6 the financial collateral consisted of the balance from time to time standing to the credit of a bank account in the name of G-T-P Group Ltd. It appears to have been accepted as common ground that the customer’s interest in the

You do not have access to this content

Geoffrey Yeowart, Robin Parsons, Edward Murray and Hamish Patrick

as eligible collateral. However, the obligor’s own issues of covered bonds within the terms of article 129 of the CRR qualify as eligible collateral when they are provided as collateral for a repurchase transaction, provided that they comply with the condition set out in the first subparagraph. 22.31 The second condition is that an institution must fulfil any contractual and statutory requirements for, and take all steps necessary to ensure, the enforceability of the collateral arrangements under the law applicable to its interest in the collateral.30 An

You do not have access to this content

Peter Yeoh

, reputational costs (as reflected in credit ratings and interest rate spreads) are of a medium or short-term relevance only. Regarding international-trade exclusion-related costs, whilst there is no conclusive evidence of discrimination against traders based in defaulting debtor nations, empirical evidence suggests that default events have a negative impact on the creditworthiness of trading partners resident in defaulting countries, rendering trade credit more costly and less easily accessible.5 Default events are also known to affect adversely domestic economic growth

You do not have access to this content

Dilip K. Das

3. Sovereign-wealth funds – a paradigm shift in capital flows in the global economy Dilip K. Das* 7 INTRODUCTION Financial globalization has gained momentum in recent years. Over the last two decades the rate of increase in global cross-border investment was twice that of the rate of growth of multilateral trade in goods and services, which in turn exceeded the rate of global GDP growth (Lane and MilesiFerretti, 2006). State-owned and managed sovereign-wealth funds (SWFs) have played an increasingly important role in underpinning, sustaining and expanding