Guide to banking and insolvency law August 2008

United Kingdom

I hope this month's issue of the Heavyweight finds you well. Things to note this month:

  • Consultation on the Financial Stability and Depositor Protection proposals by the FSA+BoE+HMT will close on 15 September.
  • The Sea Emerald case showed a bank was not liable under a guarantee signed by an employee who did not have actual or ostensible authority to enter into the guarantee on behalf of the bank. There is also an article on UCP 600 and the impact of the Santander v Bayfern case on it.
  • The paper published by the Financial Markets and Law Committee on the application of the Vienna Sales Convention to derivative contracts with provision for physical delivery and other financial instruments.
  • Draft wording on debt-buy backs has been circulated by the LMA to its Documentation Committee.
  • The BBA have circulated a statement on LIBOR and listed the steps that will be taken to increase confidence in it.