RBS Announce Results: Provision for Swaps Mis-selling Increased by 1300%
The Royal Bank of Scotland have today announced their 2012 results. These show an operating loss of £5.2 billion with a total loss for 2012 of £5.8 billion. They…
The Royal Bank of Scotland have today announced their 2012 results. These show an operating loss of £5.2 billion with a total loss for 2012 of £5.8 billion. They…
Barclays Bank have today announced their results for 2012 [Barclays Bank Results 2012]. Barclays’ Announcement on Swaps Mis-selling (IRHPs or IRSAs) These deal with swaps mis-selling on page…
The Financial Services Authority (FSA) has today announced a fine of £87.5 million on RBS in relation to manipulation of the London Interbank Offered Rate (“LIBOR”). This…
The Financial Services Authority’s announcement on the swaps mis-selling pilot reviews (31 January 2013) brought in a refinement of the 29 June 2012 announced test of sophistication. That test…
The FSA has today published a long-awaited press release setting out the findings of their ‘pilot scheme’ in relation to the mis-selling of complex interest rate derivatives to…
The following are excerpts from the Berkshire Hathaway 2002 Annual Report. I view derivatives as time bombs, both for the parties that deal in them and the economic…
The judgment in Green & Rowley v RBS is certainly not helpful to claimants in swap mis-selling cases, but on careful analysis, it is less bad than it…
The British Bankers’ Association (the “BBA”), a trade association for the UK banking and financial services sector, has announced a policy for ‘Major Banks’ which suggests such banks will consider…
Application to amend particulars of claim – amendment to plead implied representations (alternatively implied terms) which induced claimants to enter into swap agreements – implied representations allegedly false…
Information relating to Clydesdale and Yorkshire Banks Review of Interest Rate Hedging Products (12 October 2012) PDF DOWNLOAD IntroductionA. The ReviewB. The products that we have agreed to…