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  • Posts Tagged ‘Hedging’

    Barclays announce 2012 results – Provision for swaps mis-selling £850 million

    Posted on February 12th, 2013 by Jenny Julian

    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 91. Barclays indicate that they have around 4000 customers who were sold […]

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    RBS fined for LIBOR Manipulation; will lead to increased LIBOR Litigation

    Posted on February 6th, 2013 by Jenny Julian

    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 is a key interest rate which is set daily by a group of […]

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    What is Sophistication in the FSA Swaps Mis-selling Scheme?

    Posted on February 1st, 2013 by Jenny Julian

    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 has been explained by the regulator by way of a Paper and […]

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    FSA Findings on Banks’ Pilot Swaps Mis-selling Review

    Posted on January 31st, 2013 by Jenny Julian

    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 small businesses. We interpret the FSA findings and add legal comment based […]

    Warren Buffett On Derivatives

    Posted on January 26th, 2013 by Jenny Julian

    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 system. Basically these instruments call for money to change hands at some […]

    Legal Comment on Green & Rowley v RBS [2012] EWHC 3661 (Swaps Mis-selling Judgment)

    Posted on December 22nd, 2012 by Jenny Julian

    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 might seem given the following: HHJ David Waksman QC himself observes that […]

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    BBA Announcement on Major Banks’ Swaps Payment Suspension Policy

    Posted on December 11th, 2012 by Jenny Julian

    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 rolling over swap payments pending a swaps mis-selling complaint or review. This […]

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    Graiseley Properties Ltd (Guardian Care Homes) v Barclays Bank PLC – LIBOR Manipulation Test Case

    Posted on November 5th, 2012 by Jenny Julian

    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 and fraudulent – amendments also to claim deceit against Barclays Bank given […]

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    Clydesdale and Yorkshire Banks’ Tailored Business Loans – Terms of ‘Swaps Mis-selling’ Review

    Posted on October 22nd, 2012 by Jenny Julian

    Information relating to Clydesdale and Yorkshire Banks Review of Interest Rate Hedging Products (12 October 2012) PDF DOWNLOAD Introduction A. The Review B. The products that we have agreed to review C. Tailored Business Loans (TBLs) D. Next Steps E. […]

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    The Manipulation of LIBOR by the Banks and the Impact on Interest Rate Swap Mis-selling Claims

    Posted on June 27th, 2012 by Jenny Julian

    The Financial Services Authority (FSA) have issued a press release indicating that Barclays Bank has been fined for the manipulation of global benchmark interest rates LIBOR and EURIBOR. Barclays Bank, who had self-disclosed their own conduct earlier this year, will […]

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