Source: https://fr.b-ok.cc/book/3166405/3a4c4f
Timestamp: 2019-12-11 17:52:41
Document Index: 419161226

Matched Legal Cases: ['UKHL ', 'EWCA\n', 'EWCA ', 'EWCA\n', 'EWCA ', 'UKHL ', 'UKHL ', 'EWCA ', 'EWCA ', 'EWCA ', 'EWCA ', 'EWCA ', 'EWCA ', 'EWCA ', 'EWCA ', 'EWCA ', 'EWCA ', 'EWCA ', 'UKHL ', 'EWCA ', 'EWCA ', 'EWCA ', 'UKHL ', 'EWCA ', 'UKHL ', 'EWCA\n', 'EWCA ', 'EWCA ', 'UKHL ', 'UKHL ', 'EWCA ', 'EWCA ', 'UKHL ', 'Art. 6', 'Art. 2', 'Art. 3', 'Art. 3', 'Art. 3', 'Art. 4', 'Art. 6', 'Art. 3', 'Art. 3', 'Art. 4', 'Art. 7', 'Art. 8', 'Art. 9', 'Art. 10', 'Art. 1', 'Art. 3', 'Art. 5', 'Art. 8', 'Art. 9', 'Art. 31', 'Art 1', 'Art 1', 'Art 4', 'Art 12', 'Art 13', 'Art 16', 'Art 16', 'Art 18', 'Art 20', 'Art. 22', 'Art 23', 'Art 23', 'Art. 23', 'Art. 23', 'Art. 25', 'Art 43', 'Art 48', 'Art. 4', 'Art. 50', 'Art. 51', 'Art. 5', 'Art. 2', 'Art. 114', 'Art. 2', 'art. 4', 'art. 1', 'art. 1', 'art. 12', 'art. 12', 'art. 19', 'arts 22', 'art. 5', 'art. 6', 'art. 9', 'art. 1', 'art. 7', '§ 1', '§2901', '§1693', '§1691', '§ 1', '§6082', '§ 1', '§ 5', '§ 1', '§ 2', '§ 3', '§403', '§ 1', '§77', '§ 1', '§ 2', '§4', '§ 4', '§ 4', '§ 4', '§4', '§4', '§4', '§ 5', '§ 8', '§9', '§9', '§ 24', '§191', '§ 2', '§241', '§ 3', '§ 3', '§1757', '§ 1', '§ 1', 'Art. 6', 'Art. 6', 'Art. 6', 'Art. 81', 'Art. 82', 'Art. 8', 'Art. 101', 'Art. 105', 'Art. 105', 'Art. 108', 'Art. 112', 'Art. 112', 'Art. 1', 'Art. 249', 'Art. 15', 'Art. 18', 'Art. 19', 'Art. 22', 'Art. 8', 'Art. 21', 'Art. 1', 'Art. 9', 'Art. 77', 'Art. 2', 'Art. 3', 'Art. 4', 'Art. 6', 'Art. 7', 'Art. 9', 'Art. 9', 'Art. 10', 'Art. 10', 'Art. 1', 'Art. 1', 'Art. 1', 'Art. 1', 'Art. 37', 'Art. 9', 'Art. 1', 'Art. 21', 'Art. 7', 'Art. 8', 'Art. 1', 'Art. 1', 'Art. 1', 'Art. 5', 'Art. 7', 'Art. 2', 'Art. 1', 'Art. 1', 'Art. 1', 'Art. 1', 'Art. 1', 'Art. 5', '§1']

﻿ Principles of Banking Law | Cranston R. | download
Principal Principles of Banking Law
Second Edition. - Oxford University Press, Oxford - New York, 2002. - 470 pp.This new edition of the Principles of Banking Law provides a clear, up-to-date and comprehensive account of the subject, incorporating all significant changes in banking law, regulation and practice that have occurred since the publication of the first edition in 1997. The author brings a fresh yet authoritative approach to the topic making the book a key resource for all those studying Banking or Financial Services Law.
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banking1008
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liability320
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breach254
directive193
contracts184
cheque175
banking law171
jurisdictions168
jurisdiction166
payee156
obligation156
netting153
clause152
fiduciary143
cheques131
correspondent130
buyer129
insolvency128
loans128
fraud127
contractual126
deposit119
liable116
lending114
trustee113
wlr111
pledge97
confidentiality95
regulators94
statutory85
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B A N K I N G LAW
ROSS C R A N S T O N
UNIVERSITY P U S S
© Ross Cranston 2002
Reprinted 2003, 2005 (twice), 2006, 2007
reprographics rights organisation. Enquiries concerning reproduction
ISBN 978-0-19-925331-9
Typeset in Adobe Minion
In his Capitalism, Socialism and Democracy, Joseph Shumpeter wrote that capitalism
'is by nature a form or method of economic change and not only never is but never
can be stationary*. The many changes in the world of banking since the first edition of
this book illustrate this truth. Institutionally, the tendency for banks to become
multifunctional bodies has become more pronounced, although this has not provided
a path to success for all. The regulatory system has been transformed to reflect
multifunctional banking—notably in the UK, the Financial Services and Markets Act
2000 (FSMA 2000) confirmed the Financial Services Authority (FSA) as the combined
regulator for banking, securities, and insurance. The internationalisation of banking
has also continued apace, leading to new responses in both regulatory and soft law, as
well as to the way courts handle issues such as jurisdiction. The story has been not
only one of a continuation of existing trends. There are new institutions, such as the
European Central Bank and e money. Moreover, new laws address new concerns—
governments have responded to both money laundering and terrorist financing
by placing additional duties on banks to know both their customers and their
correspondents. The threat to systemic stability through the failure of a large value
payment system has led, amongst other things, to the Settlement Finality directive of
the Europen Community.
The aims and compass of this edition have not changed from those of the first. It
is not an exhaustive treatment of the subject but, as the title indicates, an account of
its contours. A certain authorial satisfaction derives from having in the first edition
correctly identified several aspects of how the law was developing. For example, the
House of Lords decision in lit ridge confirms my long held view—first made public in
an address to the Chancery Bar Association in 1994—that manifest disadvantage is
not a separate requirement for undue influence.' My argument for a rethink of the taw
of confidentiality in respect of banks receives some support from a Court of Appeal
decision to the effect that there is no justification for bankers' opinions, without the
express consent of customers to forfeit the secrecy of their account. These successes, if
that is what they are, are tinged with a jealousy that legal writers elsewhere have a
more publicly acknowledged involvement in moulding the law's development. They
should also be coupled with confessions of failure—for example, the argument that
dishonesty should be a test for knowing receipt has taken such a pounding that one is
almost embarrassed to expose it to further public gaze. My defence of the Liggett
doctrine in the first edition was clearly misconceived, although the problem the case
addressed still awaits solution.
The special debts I incurred in writing the first edition—to Bill Blair, Roy Goode,
Joe Norton, and Philip Wood—arc compounded by their renewed assistance for this
214-15 below.
1« I below.
194-5 below.
250-1 below.
edition. To their n a m e s should be added those of Christos Hadjiemmanuil and
Richard Hooley, not least for their own very fine writing on the subject. As with the
first edition, many others have contributed—from my chambers, the wider legal
community, government, regulatory agencies, and the academic world.
1 BANKING AND B A N K ORGANIZATIONS
2 INTERBANK NETWORKS
3 BANK R E G U L A T I O N
BANKS AND T H E I R C U S T O M E R S
5 T H E B A N K E R - C U S T O M E R RELATIONSHIP
6 T H E D U T Y OF C O N F I D E N T I A L I T Y
7 ADVISORY AND T R A N S A C T I O N A L L I A B I L I T Y
8 P R I N C I P L E S OF P A Y M E N T
9 PAYMENT M E T H O D S
10 S E T T L E M E N T , C L E A R I N G , AND NETTING
11 LENDING
12 BANKS AND T H E C A P I T A L MARKETS
13 LOAN SALES AND SECURITIZATION
14 TRADE F I N A N C E
15 S E C U R I T Y
T H E INTERNATIONAL DIMENSION
16 INTERNATIONAL B A N K I N G
17 CROSS-BORDER B A N K I N G
PART I B A N K S , BANKING, AND B A N K R E G U L A T I O N
III: The multifunctional bank
Growth of multifunctional banking
Legal problems with multifunctional banks
The securities laws and conflicts of interest
Self-regulation and conflicts of interest
Banks and non-financial activities
Industrial ownership of banks
Banks as owners of industry
The nature of correspondent banking
The correspondent's error
Correspondent banking, money-laundering, and terrorism
III: The interbank markets
Making consolidated supervision more effective
Regulating international banks and the future
Contracting on interbank markets
The terms and their interpretation
'Soft' regulatory law
Exchange markets and clearing systems
The rules of the market/system
The position of non-member customers
Regulation of markets and clearing systems
The banks' bank
The legal regime for central banking
'True' syndicates and participation syndicates
The severalty clause in context: syndicated loans
Subscription agreements for securities issues
Legal characterization of a syndicate
The lead's liability for the information memorandum
Prevention of fraud, money-laundering, and terrorism
Consumer protection and deposit insurance
Competition (antitrust) policy
Banker to the banks and to government
III: Instruments of monetary policy
PART II BANKS AND T H E I R C U S T O M E R S
Regulating international banks
Techniques of prudential regulation
Machinery of prudential regulation
Large exposure regulation
Crisis management—bank rescues
Regulating the multifunctional bank
Commercial-investment bank separation in the United States
Bank customers and banking services
Characterizing the bank-customer relationship
Validity of a banking contract: authority and capacity
III: Regulating banking contracts
The Unfair Terms in Consumer Contracts Directive
The Banking Codes and Financial Services Ombudsman Service
The bank as depository—the account
Universal banking in the EC
The special problem of derivatives
Statements of the account
T H E D U T Y OF C O N F I D E N T I A L I T Y
Basic elements and mechanisms
Nature and justification of the duty
Basis of the duty
Payment methods: credit/debit transfers
In-house, domestic, correspondent, and complex payment
Discharging payment obligations, countermand, funds availability,
Discharge of underlying payment obligation
Duty not to use confidential information
Qualifications to the duty
Mistaken and void payments
Doctrinal bases of liability
Knowing receipt, inconsistent dealing, and assistance
Emerging standards: due diligence, suitability, good faith
Determining the content of liability standards
Industry and regulatory codes
Type of transaction and customer
III: Advice
P R I N C I P L E S OF P A Y M E N T
ADVISORY AND T R A N S A C T I O N A L L I A B I L I T Y
III: International dimensions
Vitiating factors in banking transactions
Undue influence, unconscionability, and duress
Vitiation and third party behaviour
Promoting risky loans
Management and termination of a facility
Workouts, receiverships, and insolvencies
The identification rules—tracing
The nature of cheques
The contract networks
Regulating payment cards
Payment methods cross-border
The use of cheques and drafts
London Currency Clearings
S E T T L E M E N T , C L E A R I N G , AND N E T T I N G
The rules of clearing systems
Regulating clearing systems
Netting and risk
Legality of netting
Multi-jurisdictional and multilateral netting
12 BANKS AND THE CAPITAL MARKETS
Types of securities, subordination, and custody
Distributing securities issues
Identifying the agreement
Inferring an agreement and agreements to agree
The adviser-arranger
Mandate of lead bank in forming bank syndicate
Protection for the bank vis-à-vis the issuer
Bank's liability to investors
Trustees to debt issues
III: Securities regulation
Prospectus provisions
Promoting securities issues
The facility and its repayment
Draw-down and demand facilities
The obligation to lend, force majeure, and remedies
Purpose clauses, illegality, and vires
Default interest and the rule against penalties
Assignment and its limitations
Trust; attornment
III: Conditions precedent, representations and
warranties, covenants
Breach by the borrower
The negative pledge and pari passu clauses
Negative pledge lending
Ambit of the negative pledge
Bank v. borrower for breach of negative pledge
Bank v. third party on breach of negative pledge
Legal techniques for transferring debts/contractual rights
Selling loan assets
Techniques for loan sales
The sale agreement and its implications
III: Asset securitization
General law limits on acceleration/cancellation?
The single licence and the single European market
The problems examined
Regulating the multinational bank
Fraud and enjoining banks from paying
Moratoria and freezes
Security—its nature and rationale
Types of security: pledge, mortgage, and charge
Pledging goods and documents
Judicial decision-making: comity and balancing
Receivables financing by way of security
Security over contracts—project
The floating (universal business) charge
Security over securities
Quasi-security— repos and stock lending
Vitiating factors in formation
Non-compliance with formalities
Statutory vulnerability
Regional and international measures
Nature of international banking
Recent growth in international banking
Forms of international banking
The host-country response
Facilitating foreign banks
Limiting foreign banks
A v. В Bank (Governor and Company of the Bank
of England Intervening) [1993] QB 311;
[19921 I All ER 778 .. . 7 6 , 8 9 , 4 5 4
ABC Ltd., In Re [ 1984] CILR 130 (Cayman Islands
Grand C t ) . . . 180
AIB Finance Ltd. v. Bank of Scotland [ 1994] BCC
AIB Group (UK) Ltd. v. Martin [2001 ] UKHL 63;
[ 2 0 0 2 ] ! W L R 9 4 ( H L ) . . . 398
AL Underwood Ltd. v. Bank of Liverpool and
Martins Bank [1924] 1 KB 775 (CA) . . . 187,
Arklow Investments Ltd. v. Maclean [2000] 1
WLR 594 ( P C ) . . . 174,191
Arrow Transfer Co. Ltd. v. Royal Bank of Canada
(1972) 27 DLR (3d) 81 ( S C C ) . . . 164,264
Association of Bondholders Coopag Finance BV
v. ABN Amro Bank BV [ 1994] RvdW 263
( D u t c h S C ) . . . 339,340
Astro Arno Compania Naviera SA v. Elf Union SA
(The Zographia M) [1976] 2 Lloyd's Rep. 38
Ata v. American Express Bank Ltd. [ 1998] EWCA
Civ. 1015 ( C A ) . . . 204
ANZ Group Ltd. v. Ewstpac Banking Corp. Ltd.
(1987) 164CLR662 . . . 248
Attorney-General v, Guardian Newspapers Ltd.
(No. 2) [1990] I AC 1 0 9 . . . 172
A/S Awilco of Oslo v. Fulvia SpA di Navigazione
ofCagliari (TheChikuma) [1981] 1 WLR314
( H L ) . . . 240
B Liggett (Liverpool) Ltd. v. Barclays Bank Ltd.
[1928] 1KB 4 8 . . . 250,251
Accord Holdings Ltd. v. Excelsior Life Insurance
(1983) 44 AR 368, (1985) 62 AR 234 . . . 302
BDC Ltd. v. Hofstrand Farms Ltd. (1986) 33 BLR
293 ( S C C ) . . . 44
Afovos Shipping Co. SA v. Pagnan [ 1983] I WLR
195; [1983] 1 All ER 449 (HL) . . . 239
BNZ v. Auckland Information Bureau (Inc.) Ltd.
[1996] 1 NZLR 420 ( C A ) . . . 143
Agip (Africa) Ltd. v. Jackson 11991 ] Ch. 547 (CA),
affg [ 1990] Ch. 2 6 5 . . . 193,197,254
Baden Delvaux and Lecuit v. Société Générale
pour Favoriser le Développement du
Commerce et de l'Industrie en France SA
[19831 BCLC 325; [1992] All ER 161 . . . 194
Agncw v. Commissioner of Inland Revenue
[20011 UKFC28; [2001] 3 WLR 446 . . . 405
Airbus Industrie GIE v. Patel [ 1999] I AC 119
(HL) . . . 448
Aldo Bordessa and Vincente Mari Mellado 11995]
ECR I-36I . . . 272
Aldrich v. Norwich Union Life Assurance Co. Ltd.
[ 19991 EWCA Civ. 2042; [ 1999] 2 All ER
(Comm) 707 (CA) . . . 204
Allhusen v. Caristo Construction Corp., 303 NY
446, 103 NE 2d 891 ( 1 9 5 2 ) . . . 356
Allied Bank International v. Banco Credito
Agricola dc Cartago, 757 F 2d 516 (2nd Cir.
1 9 8 5 ) . . . 446
Alpine Investments BV v. Minister van Financien
(Case C-384/93) [1995] ECR 1-1141 . . . 84,
American Express Services Europe Ltd. v.
Tuvyahu, 12 July 2000 (CA) . . . 141
Amoco (UK) Exploration Co. v. Teeside Gas
Transportation Ltd. [2001 ] 1 Lloyd's Rep. 490;
[2001] 1 All ER (Comm) 865 . . . 49
Angelic Star, The [1988] 1 Lloyd's Rep. 122;
[1988] 1 FTLR94 (CA) . . . 323
Arab Bank Ltd. v. Ross [1952] 2 QB 216 (CA)
Bainbridge v. Browne (1881) 18 Ch. D 188
(HL)...
Banco Espanol de Credito v. Security Pacific
National Bank, 973 F 2d 51 (2nd Cir. 1992)
Banco Exterior Internacional SA v. Thomas
[1997] 1 WLR 221 (CA) . . . 219
Banco Nacional de Cuba [2001 ] 1 WLR 2039;
[2001] 3 All ER 9 2 3 . . . 442
Bank Ncgara Indonesia v. Lariza (Singapore) Pu*.
Ltd. [1988] 1 AC 583 ( P C ) . . . 387
Bank of Baroda v. I'anessar [1987] Ch. 335
(Overseas) Ltd. v. Akindele [2001 ] Ch. 437
( C A ) . . . 194, 195
Bank of Credit and Commerce International SA,
Re(No. 2) [1992] BCC 715; [ 1992] BCLC 579
( C A ) . . . 18
Bank of Credit and Commerce International S A ,
Re [1993] BCC 787 . . . 19
Re (No. 8) [1998] AC 214; [1997] 4 All ER 568
( H L ) . . . 406
v. Aboody 119901 1 QB 923 (CA) . . . 215,217
Bank of Crete SA v. Koskotas (No. 2) [1992] 1
WLR 919; [1993] 1 All ER 748 . . . 454
Bank of England v. Riley [1992] Ch. 475 (CA)
Bank of England v. Vagliano Brothers [ 1891 ] AC
1 0 7 . . . 201
Bank of Ireland Ltd. v. AMCD (Property
Holdings) Ltd. [2001] 2 All ER (Comm) 894
Bank of Marin v. England, 385 US 99 ( 1966)
Bank of Montreal v. Stuart [1911 ] AC 120 (PC)
Bank ofNew South Wales v. Laing [1954) AC 135
( P C ) . . . 161
Bank of Tokyo v. Karoon [19871 AC 45n (CA)
Bankers Trust v. Shapira [1980] 1 WLR 1274;
[1980] 3 All ER 353 (CA) . . . 177,182
Barclays Bank pic v. Quincecare Ltd. [1988] FLR
166; [1992] 4 All ER 363 . . . 142, 184, 187
v. Maryland National Bank, 57 F 3d 146 (2nd
Cir. 1 9 9 5 ) . . . 59,200
Boissevain v. Weil (19501 AC 327 (HL) . . . 444
Bolivinter Oil SA v. Chase Manhattan Bank
[1984] 1 WLR 392; [1984] 1 All ER 351 (CA)
Bolkiah (Prince Jcfri) v. KPMG (a firm) [ 1999] 2
AC 222 . . . 23
Boscawcn v. Bajwa [19961 1 WLR 328; [ 1995] 4
All ER 7 6 9 . . . 252
Bovis International Inc. v. Circle Limited
Partnership [ 1995] NPC 128 .. . 404
Bradford Trust Co. of Boston v. Texas American
Banque Belge pour l'Étranger v. Hambrouck
[19211 I KB 321 . . . 254
Banque Bruxelles lumbert SA v. Hagle Star
Insurance Co. Ltd. 11997] AC 191; [19961 3 All
ER 365 (HL); [1995] 2 All ER 769; [1994] 31
EC 68 . . . 60, 184,222
Banque de l'Indochine v. JH Rayner (Mincing
Lane) Ltd. [ 1983] QB 711 (CA) . . . 388
Banque Financière de la Cité v. Parc (Battcrsea)
Ltd. [19991 I AC 221 ( H L ) . . . 247
Banque Nationale de Paris/Dreschner Bank
[19961 OJ LI88/37 . . . 81
Banque Nationale de Paris v. Tan Nancy [2002] 1
SLR 29 (Singapore CA) . .. 205
Barclays Bank Ltd. v. AscharTeburger
Zellstoffwerkr AG [1967] Lloyd's Rep. 387
Barclays Bank Ltd. v. Astley Industrial Trust
[1970] 2 QB 5 2 7 . . . 263
Barclays Bank pic v. Bank of England [ 1985] 1 All
ER 3 8 5 . . . 53,261,282
Barclays Bank pic v. Boulter [ 1999] I WLR 1919;
[1999] 4 All E R 5 1 3 ( H L ) . . . 217
Barclays Bank Ltd. v. Quistclose Investments Ltd.
[1970] AC 5 6 7 . . . 242,307
Barclays Bank Ltd. v. WJ Simms Ltd. [ 1980] QB
6 7 7 . . . 247
Barings pic v. Internationale Nederlanden Group
. NV, unreported, 31 August 1995 ( C A ) . . . 26
Barlow Clowes International Ltd. v. Vaughan
[19921 4 All ER 22 ( C A ) . . . 162
Barnes v. Addy (1874) LR 9 Ch. App. 254 . . . 197
Barnes v. Williams and Glyn's Bank Ltd. [ 1981 ]
Com. LR 2 0 5 . . . 221,223
Bartlett v. Barclays Bank Trust Co. Ltd. [ 1980] Ch.
5 1 5 . . . 343
Basingstoke 8c Firminger Ltd. v. Nasima
Enterprises (Nigeria) Ltd. [1996] CLC 1902
Bhogal v. Punjab National Bank [ 1988] 2 AU ER
296 ( C A ) . . . 132
Bishopsgate Investment Management Ltd. (in Hq.)
. v. Homan [1995] Ch. 211 (CA) . . . 255
Bank, 790 F 2d 407 (5th Cir. 1986) . . . 43
Braithwaite v. Thomas Cook 'Travellers Cheques
Ltd. [19891 QB 5 5 3 . . . 276
Brannigan v. Davidson [1997] AC 238 (PC)
Brien v. Dwyer (1978) 141 CLR 378 .. . 261
British 8c Commonwealth Holdings pic v.
Quadrex Holdings Inc. [1995] CLC 1169 (CA)
British Bank of the Middle East v. Sun Life
Assurance Co. of Canada (UK) Ltd. [ 1983] 2
Lloyd's Rep. 9 ( H L ) . . . 137
British Eagle International Airlines Ltd. v.
Compagnie Nationale Air France [ 1975| 1
WLR 758; [ 1975] 2 All ER 390 (HL) . . . 294
British Nylon Spinners Ltd. v. Imperial Chemical
TABLE OF CASÉS
England (1981) 125 Sol. J 528; The Times,
4 July 1 9 8 1 . . . 95,216
Burnett v. Westminster Bank Ltd. [ 1966] 1 QB 742
. . . 145,267
C v. S [ 1999] 1 WLR 1151; [1999] 2 All ER 1506
(CA) . . . 177
CIBC Mortgages pic v. Pitt [1994] 1 AC 200 (HL)
CTN Cash and Carry Ltd. v. Gallaher Ltd. [1994]
4 A 1 1 E R 7 1 4 ( C A ) . . . 216
Calico Printers Association v. Barclays Bank Ltd.
(1930) 36 Com. Cas. 71 ( C A ) . . . 42
Camdex International Ltd. v. Bank of Zambia
[1998J QB 22 ( C A ) . . . 112,356,360
Canada Deposit Insurance Corp. and Canadian
Commercial Bank, Re (1993) 97 DLR (4th) 385
(SCO . . . 58
Canadian Pacific Hotels Ltd. v. Bank of Montreal
(1987) 40 DLR (4th) 385 ( S C C ) . . . 143,164
Cargill International SA Ltd. v. Bangladesh Sugar
8c Food Industries Corp. [1988] 1 WLR 461;
[1998] 2 A 1 1 E R 4 0 6 ( C A ) . . . 392
Carlill v. Carbolic Smoke Ball Co. [ 1893) 1 QB
2 5 6 . . . 268,361
Casio Computer Co. Ltd. v. Kaiser [2001 ] EWCA
Civ. 661 . . . 442
Catlin v. Cyprus Finance Corp. (London) Ltd.
[1983] Q B 7 5 9 . . . 142
Cebora SNC v. SIP (Industrial Products) Ltd.
[1976] I Lloyd's Rep. 271 . . . 381
Central Bank of Denver v. First Interstate Bank of
Denver, 511 US 164 ( 1 9 9 4 ) . . . 344
Ccntrax Ltd. v. Citibank NA [1999] EWCA Civ.
892; [1999] All ER (Comm) 557 (CA)
. . . 149,272
Century National Bank and Trust Co. Ltd. v.
Davies [1998] AC 628 ( P C ) . . . 96
Chase Manhattan Bank NA v. Israel-British Bank
(London) Ltd. [1981] Ch. 105 . . . 247
Chancery pic, Re [1991 ] BCC 171; [ 1991 ] BCLC
712 . . . 18
Channon v. English, Scottish and Australian Bank
(1918) 18 SR (NSW) 3 0 . . . 265
Charge Card Services Ltd., Re [I989J Ch. 497
(CA) . . . 242
Chase Manhattan Asia Ltd. v. Official Receiver and
Liquidator of First Bangkok City Finance Ltd.
[1990] 1 WLR 1181; [1990] BCC 514 (PC)
Chemical Bank v. Security Pacific National
20 F 3d 375 (9th Cir. 1 9 9 4 ) . . . 59
Chiarabaglio v. Westpac Banking Corp. (19
ATPR 40-971 . . . 211
China and South Sea Bank Ltd. v. Tan [1990
536 (PC) . . . 226
Christofi v. Barclays Bank pic [2000] 1 WLR
[ 1 9 9 9 ] 4 A 1 I E R 4 3 7 ( C A ) . . . 173
Citadel General Assurance Co. v. Lloyds Ba
Canada(1997) 1 5 2 D L R ( 4 t h ) 4 1 I . . . 1
Citibank v. Nyland and the Republic of the
Philippines, 878 F 2d 620 (2nd Cir. 1989
Citibank NA v. Wells Fargo, 495 US 660 (19
Citibank NA v. Wells Fargo Asia Ltd., 935 F 2
(2nd Cir. 1 9 9 1 ) . . . 11
Clarion Ltd. v. National Provident Institutio
[2000] 1 WLR 1888; [2000] 2 All ER 265
Clark Boyce v. Mouat [ 19941 1 AC 428 (PC
Clayton's Case See Devaynes v. Noble
Clinch v. Inland Revenue Commissioners [1
Q B 7 6 . . . 182
Coast Bank v. WJ Minderhout, 392 P 2d 26
Calif. 1 9 6 4 ) . . . 321
Coca-Cola Financial Corp. v. Finsat Interna
[1996] CLC 1564 ( C A ) . . . 309
Coldunnel Ltd. v. Gallon [ 1986] I QB 1184 .
Commercial Bank of Australia Ltd. v. Amad
(1983) 151 CLR 4 4 7 . . . 208,216,416
Commercial Banking Co. of Sydney Ltd. v. J
Pty. Ltd. [ 1973] AC 279 ( P C ) . . . 141, 38
Commission v. Germany (Case 205/84) [ 19
ECR 3755 . . . 84
Commissioner for Customs and Excise v. FD
[2000] B'TC 5277 ( C A ) . . . 267
Commissioner of Taxation v. English, Scotti
and Australian Bank Ltd. [ 1920] AC 683 (
Commissioners of the State Savings Bank of
Victoria v. Permewan, Wright 8c Co. Ltd. (1
19 CLR 457 . . . 5
Commonwealth Bank of Australia v. Mehta
(1991) 23 N S W L R 8 4 ( C A ) . . . 205
Commonwealth Bank of Australia v. Smith
(1991) I02ALR 453 ( P C ) . . . 191
Connecticut Co. v. New York NH 8c HRR 10
Cornish v. Midland Bank pic [1985] 3 All ER 513
. . . 201,207,208,211
County Ltd. v. Girozentrale Securities ( 1996] 3 All
ER 834 ( C A ) . . . 335
Crantrave Ltd. v. Lloyds Bank pic [2000] QB 917
Credit Agricole Indosuez v. Nuslim Commercial
Bank Ltd. [2001 ] 1 Lloyd's Rep. 1 ( C A ) . . . 389
Crédit Français International SA v. Sociedad
Financiera de Comercio CA, 490 NYS 2d 670
( 1 9 8 5 ) . . . 58
Credit Lyonnais [1995] O] C121/4 . . . 81
[1997] 1 All ER 144 ( C A ) . . . 216, 219
Crédit Lyonnais Bank Nederland NV v. Export
Credit Guarantee Department [ 19961 1 Lloyd's
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Crédit Suisse v. Allerdale BC [1997] QB 306 (CA)
Crescendo Management Pty. Ltd. v. Westpac
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Crimpfil Ltd. v. Barclays Bank pic [1995] CLC 385
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Criterion Properties pic v. Stratford UK
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Cuckmere Brick Co. Ltd. v. Mutual Finance Ltd.
[1971] Ch. 949 ( C A ) . . . 226
Curtice v. London City and Midland Bank Ltd.
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Czarnikow-Rionda Sugar Trading Inc. v. Standard
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DEC (New Zealand) Ltd. v. Goddard [ 1992] 2
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DKL International (NZ) Ltd. v. Richmond Ltd.
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Daly v. Sydney Stock Exchange Ltd. (1986) 160
CLR 371 . . . 190, 191
David Allester Ltd., In Re [ 1922] 2 Ch. 211
David Securities Pty. Ltd. v. Commonwealth Bank
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Cti; appealed (1992) 175 CLR 353 . . . 205,
247, 251,309,311
Daviesv Rees (1886) 17 QBD 408 (CA) . . . 417
Delbrueck 8c Co. v. Manufacturers Hanover Trust
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Deposit Protection Board v. Dalia [1994] 2 AC
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Derry v. Peek (1889) 14 App. Cas. 337 . . . 387
Deutsche Bank v. Beriro & Co. (1895) 73 LT 669
Devaynes v. Noble; Clayton's Case (1816) 1 Mer.
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Dextra Bank and Trust Co. Ltd. v. Bank of Jamaica
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Dibrell Bros International SA v. Banca Nazionale
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Director General of Fair Trading v. First National
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District Savings Bank Ltd., Re (1861) 3 De G F 8c I
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Doe v. United States, 487 US 201 (1987) . . . 180
Donohue v. Armco Inc. [2001] UKHL 64; [2002]
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Dormán, Long 8c Co. Ltd., Re [1934] 1 Ch. 635
Dovey v. Bank of New Zealand [2000] 3 NZLR
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Downsvicw Nominees Ltd. v. First City Corp. Ltd.
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Dresdner Bank/Kleinwort Benson (Case No. IV/
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Dresdner Bank v. Ho Mun-Tuke Don [1993] 1
SLR 114 (Singapore CA) . . . 408
Drcxel Burnham Lambert International NV v. El
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Dumont v. Williamson (1867) 17 LT 71 . .. 383
Dunbar Bank pic v. Nadcem [1998] 3 All ER 876
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Dunlop Pneumatic Tyre Co. v. New Garage 8c
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Eagle Trust pic v. SBC Securities Ltd. [1991 ] BCLC
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Eagle Trust pic v. SBC Securities Ltd. [1995] BCC
231 .. . 185, 194,336
Davis v. Raddiffc [1990] WLR 821; [1990] All ER
536 (PC) . . . 88
Ecosoc Opinion ESC 287/88 [ 1988] OJ C318/42
De Mattos v. Gibson (1858) 4 De G & I 276; 45
Edward Owen Engineering Ltd. v. Barclays Bank
El Ajou v. Dollar Land Holdings pic [1993 ] 3 All
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El Awadi v. Bank of Credit and Commerce
International SA Ltd. [1990] 1 QB 6 0 6 . . . 275
El Jawhary v. BCCI [1993] BCLC 396 . . . 178
Elliott Associates LP v. Banco de la Nacion, 194 F
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Emerald Meats (London) Ltd. v. AIB Group (UK)
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English, Scottish and Australian Chartered Bank,
Jte[1893]Ch. 3 8 5 . . . 19
Equitable Trust Co. of New York v. Dawson
Partners Ltd. (1927) 27 LL. LR 49 ( H L ) . . . 41
Equiticorp Finance Ltd. (in liq.) v. Bank of New
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ACSR642 ( C A ) . . . 137,216
Esso Petroleum Co. Ltd. v. Milton [1997] 1 WLR
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European Asian Bank AG v. Punjab 8c Sind Bank
(No. 2) [1983] 1 WLR 642; [ 1983] 2 All ER 508
( C A ) . . . 141
Evra Corp. v. Swiss Bank Corp. 673 F 2d 951 (7th
Cir. 1982), cert, denied 459 US 1 0 1 7 . . . 41,43
Export Credits Guarantee Department v.
Universal Oil Products Co. [1983] 1 WLR 399;
[1983] 2 All ER205 ( H L ) . . . 311
Garnett v. McKewan (1872) LR 8 Exch. 10 . . .
Gau Shan Co. Ltd. v. Bankers Trust Co., 956 F
1349 (6thCir. 1 9 9 2 ) . . . 448
Geffen v. Goodman Estate (1991) 81 DLR (4th
211 ( S C C ) . . . 213
Genira Trade 8c Finance Inc. v. CS First Bosto
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EWCA Civ.. 1733 ( C A ) . . . 456
Germany v. European Parliament and Counci
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Gian Singh 8c Co. v. Banque de l'lndochine
[1974] I WLR 123; [1974] 2 All ER 754 (PC
Goldsworthy v. Brickell [1987] Ch. 378 (CA)
Goss v. Chilcott [1996] AC 788 ( P C ) . . . 249,4
Governor and Company of the Bank of Scotla
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751; [2001] 3 All ER 58 ( C A ) . . . 178,192
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Grand Jury Proceedings, In re, 691 F 2d 1384
(Ilth Cir. 1982), cert, denied 462 US 1119
( 1 9 8 3 ) . . . 454
FC Jones 8c Sons v. Jones [1996] 4 All ER 721
(CA) . . . 254
Grand Jury Proceedings, Bank of Nova Scotia,
re, 740 F 2d 817 (Ilth Cir. 1984), cert, denie
469 US 1106 (1985) . . . 449,454
FDC Co. Ltd. v. Chase Manhattan Bank NA
[1990] 1 HKLR 277 (CA) . .. 450
Grand Jury Proceedings (Marsoner), In rc, 40 F
3d 959 (9th Cir. 1994) . . . 180
FDIC v. Mademoiselle of California, 379 F 2d 660
(9th Cir. 1967) . . . 366
Graney Development Corp. v. Taksen, 400 NYS
2d 717, aflf'd 411 NYS 2d 756 (App. Div. 197
Fennoscandia Ltd. v. Clarke [ 1999] EWCA Civ.
591 (CA) . . . 185
First City Investments Ltd. v. Fraser Arms Hotel
Ltd. (1979) 104 DLR 3d 617,11979] 6 WWR
1 2 5 . . . 302
Gray's Inn Construction Co. Ltd., In rc [1980]
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Greenwood v. Martins Bank Ltd. [1933] AC 51
First Energy (UK) Ltd. v. Hungarian International
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. . . 137, 138
Group Josi Re v. Wallbrook Insurance Co. Ltd.
[1996] 1 WLR 1152; [1996] 1 All ER 791 (C
Foley v. Hill (1848) 2 HLC 28; 9 ER 1002 (HL)
- . . 131, 132
Grupo Torras SA v. Al-Sabah (No. 5) [2001 ]
Lloyd's Rep. (Banking) 36 .. . 196
Foskett v. McKcown [2001] 1 AC 102 (HL)
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Guardian Ocean Cargoes Ltd. v. Banco do Bras
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2 Lloyd's Rep. 152; [1994] CLC 243 (CA)
. . . 190,241
Foster v. Bank of London (1862) 3 F 8c F 214; 176
ER 96 . . . 168
Freeman 8c Lockyer v. Buckhurst Park Properties
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Guertin v. Royal Bank of Canada (1983) 1 DLR
(4th) 68, aff'd 12 DLR (4th) 640n (Ontario
C A ) . . . 173
XXV t
Hafton Properties Ltd. v. McHugh (Inspector of
Taxes) 119871 STC 16 . . . 8
Harbottle (Mercantile) Ltd. v. National
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Hardy v. Vcasey (1868) LR 3 Ex. 107 . . . 168
Hare v. Henty (1861) 10 CBNS 65; 142 ER 374
. . . 53,282
Harlow and Jones Ltd. v. American Express Bank
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Harrods Ltd. v. Lemon [1931] 2 KB 157 (CA)
Harvela Industries Ltd. v. Royal Trust Co. of
Canada [1986] AC 207 (HL) . . . 337
Hayward v. Bank of Nova Scotia (1984) 45 OR
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Hazell v. Hammersmith and Fulham LBC [1992]
2 A C 1 ( H L ) . . . 307
Heald K O'Connor [1971] 1 W L R 4 9 7 . . . 418
Hedley Bvrne & Co. Ltd. v. Heller & Partners Ltd.
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Helbert Wagg, Rc [ 1956] Ch. 323 . . . 444
Henderson v. Merrett Syndicates Ltd. [1995] AC
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Hendry r. Chartsearch Ltd. [1998] EWCA Civ.
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Hibcrnia National Bank v, KDIC, 733 F 2d 1403
(10th Cir. 1 9 8 4 ) . . . 364
Hodgkinson v. Simms [1994] 3 SCR 377 . . . 190
Holidair Ltd., Re [ 1994] 1 I R 4 I 6 . . . 406
Hollicouri (Contracts) Ltd. v. Bank of Ireland
[2001] 2 WLR 290; [2001] 1 All ER 289 (CA)
Hong Kong and Shanghai Bank/Midland (Case
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Hong Kong and Shanghai Banking Corp. Ltd. v.
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Hong Leong Finance Ltd. v. Tan Gin Huay 11999]
2 SLR 153 ( C A ) . . . 311
Honourable Society of the Middle Temple v.
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. . . 265,273
Hospital Products Ltd. v. United States Surgical
Corp.! 1984) 156 CLR 41 . . . 60, 190
Howe Richardson Scale Co. v. Polimex-Cekop
(1978; I Lloyd's Rep. 161 (CA). .. 391
lnche Noriah v. Shattt Allie Bin Omar [ 1929] AC
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Indata Equipment Supplies Ltd. (t/a Autofleet) v.
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Interfoto Picture Library Ltd. v. Stiletto Visual
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Intershoe Inc. v. Bankers Trust Co., 77 NY 2d 517;
569 NY 2d 333 ( 1 9 9 1 ) . . . 49
Introductions Ltd. v. National Provincial Bank
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Investment Co. Institute v. Camp, 401 US 617
( 1 9 7 1 ) . . . 99
Investors Compensation Scheme Ltd. v. West
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[1998] 1 All ER 98 ( H L ) . . . 49,203
Ispahani v. Bank Melli Iran [1998] Lloyd's Rep.
JH Rayner & Co. Ltd. v. Hambro's Bank Ltd.
[1943] 1 KB 3 7 . . . 388
Japan Leasing (Europe) pic, Re [2000[ WTLR 301
Joachimson v. Swiss Bank Corp. [ 1921 ] 3 KB 110
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John Shaw (Rayners Lane) Ltd. v. Lloyds Bank Ltd.
(1944) 5 L D A B 3 9 6 . . . 197
KMC Co. Inc. v. Irving Trust Co., 757 F 2d 752
(6th Cir. 1985) . . . 224,225,305
Kabwand Pty Ltd. v. National Australia Bank
(1989) 11 ATPR 40-950 . . . 146
Kelly v. Central Hanover Bank 8c Trust Co.. 11 F
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. . . 314,321
Kelly v. Cooper [1993] AC 205 (PC) . . . 60, 188,
Kelly v. Solari (1841) 9 M 8c W 54; 152 ER 24
Keyes v. Royal Bank of Canada [1947] 3 DLR 161
(SCC) . . . 261
Kleinwort Benson Ltd. v. Lincoln CC [1999] 2 AC
3 4 9 . . . 246
Koh Kim Chai v. Asia Commercial Banking Corp.
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Korea Exchange Bank v. Dcbenhams (Central
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Kpohraror v. Woolwich Building Society [ 1996[
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Kum v. Wah Tat Bank Ltd. [1971] I Lloyd's Rep.
Kuwait Oil Tanker Co. SAK v. Qabazard [2002]
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LAC Minerals Ltd. v. International Corona
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. . . 60,190
Lloyds Bank Ltd. v. Swiss Bankverein (1913) 10
LT 143 ( C A ) . . . 46
Lloyds Bank pic v. Voller (2000) 2 Ail ER
(Comm) 978 ( C A ) . . . 161
Loan Investment Corp. of Australasia v. Bonne
[1970] NZLR 724 ( P C ) . . . 306
Laker Airways v. Sabena, Belgian World Airlines,
731 F 2d 909 (DC Cir. 1 9 8 4 ) . . . 448
Lombard Banking Ltd. v. Central Garage and
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Law Debenture Trust Corp. v. Ural Caspian Oil
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Lombard North Central pic v. Stobart, The Tim
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Leader, Plunkett and Leader v. Direction der
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Lombard Tricity Finance Ltd. v. Paton [1989] 1 A
E R 9 1 8 ( C A ) . . . 146
L'Estrange v. FGraucob Ltd. [1934] 2 KB 394
London Joint Stock Bank Ltd. v. Macmillan
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Levett v. Barclays Bank [1995] 1 WLR 1260;
[1995] 2 AUER 6 1 5 . . . 208
Lordsvale Finance pic v. Bank of Zambia [1996
Q B 7 5 2 . . . 311
SA, 570 F Sup. 870 (SDNY 1983). .. 446, 447
Lough v. Diprose( 1992) 175 CLR 621 . . . 213
Libyan Arab Foreign Bank v. Bankers Trust Co.
(1989] 1 Q B 7 2 8 . . . 10, 178,234,241,274,
MCC Proceeds Inc. v. Lehman Brothers
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Libyan Arab Foreign Bank v. Manufacturers
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McEnvoy v. Australia and New Zealand Bankin
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( N S W C A ) . . . 185
Linden Gardens Trust Ltd. v. Lenesta Sludge
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McFarlane v. Tayside Health Board [2000] 2 AC
59 ( H L ) . . . 185
Lipkin Gorman (a firm) v. Karpnale Ltd. [19911 2
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4 AUER 409 ( C A ) . . . 131, 187, 195,249,254
Mackenzie v. Royal Bank of Canada [ 1934] AC
4 6 8 . . . 415
Lloyd v. Citicorp Australia Ltd. (1986) 11 NSWLR
2 8 6 . . . 205,223
Lloyds and Scottish Finance Ltd. v. Cyril Lord
Carpets Sales Lid. (1979) [1992] BCLC 609
( H L ) . . . 402
Lloyds Bank Ltd. v. Bank of America National
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(CA)'... 390
Mackinnon v. Donaldson, Lufkin 8c Jenrette
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Macmillan Inc. v. Bishopsgate Investment Trust
pic (No. 3) ¡1996) 1 WLR387 ( C A ) . . . 412
Marc Rich 8c Co. AG v. Bishop Rock Marine Co
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Mardorf Peach 8c Co. Ltd. v. Attica Sea Corp. (Th
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Lloyds Bank v. Bundy [1975] I QB 326 (CA)
Marfani 8c Co. v. Midland Bank Ltd. [1968] 1
WLR 956 . . . 202, 264
Lloyds Bank Ltd. v. Chartered Bank of India,
Australia and China [ 1929) 1 KB 40 . .. 264
Marine Midland Bank v. United States, 11 F 3d
1119 (2nd Cir. 1 9 9 3 ) . . . 442
Lloyds Bank pic v. Cobb, unreported, 1999 (CA)
Marley v. Mutual Security Merchant Bank 8c
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Lloyds Bank Ltd. v. F.B Savory 8c Co. [1933] AC
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Massey v. Midland Bank pic [1995] 1 AH ER 929
( C A ) . . . 219
Lloyds Bank pic v. Independent Insurance Co. Ltd.
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Maulc.The [1997] i WLR 528 (PC) . . . 324
Lloyds Bank pic v. Lampcrt [ 1998] EWCA Civ.
Maxwell Communications Corp., Re (No. 2)
Medforth v. Blake [2000] Ch. 86 ( C A ) . . . 226
Mendelssohn v. Normand Ltd. [1970] 1 KB 177
Mercer v. Craven Grain Storage Ltd. [1994] CLC
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Meridian Global Funds Management Asia Ltd. v.
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Merrill Lynch Capital Services Inc. v.
Municipality of Piraeus [19971 CLC 1214
Merrill Lynch Futures Inc. v. York House Trading
(1984) 81 LS Gaz. 2544 ( C A ) . . . 204
Midland Bank pic v. Brown Shipley & Co. Ltd.
[1991] I Lloyd's Rep. 576 . . . 246
Midland Bank v. Laker Airways [ 1986] 1 QB 689
Midland Bank Ltd. v. RV Harris Ltd. [1963] 1
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Midland Bank Ltd. v. Seymour (1955] 2 Lloyd's
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Miller v. Race (1758) 1 Burr. 452; 97 ER 398
Momm v. Barclays Bank International Ltd. (1977]
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Mondial Shipping and Chartering BV v. Astarte
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Morison v. London County and Westminster
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Municipality of Hillegom v. Hiflenius (Case 110/
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Narni Pty. Ltd. v. National Australia Bank Ltd.
[20011 VSCA 312 (CA Victoria)... 161
National Australia Bank Ltd. v. Bond Brewing
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CLR271 . . . 317
National Australia Bank Ltd. и Hokit Pty. Ltd.
(1996) 39 NSWLR377 ( C A ) . . . 143
National Australia Bank Ltd. v. KDS Construction
Services Pty. Ltd. (in liq.) (1987) 163 CLR 668
National Bank of Greece SA v. Pinios Shipping
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WLR 1 8 5 . . . 46,162,227,311
National Bank of New Zealand Ltd. v. Waitaki
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NZLBC 102 (CA) . . . 249
National Westminster Bank pic v. Morgan [ 1985]
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National Westminster Bank pic v. Somer
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National Westminster Bank pic v. UtrechtAmerica Finance Co. [2001] EWCA Civ. 658;
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7 ( C A ) . . . 60, 149,205,365,448
Nations Bank of North Carolina v. Variable
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( 1 9 9 5 ) . . . 36
Neste Oy v. Lloyds Bank pic [1983] 2 Lloyd's Rep.
6 5 8 . . . 1%
New Bullas Trading Ltd., Re [1994] BCC 36;
[19941 BCLC 485 ( C A ) . . . 405
New Zealand Guardian Trust Co. Ltd. v. Brooks
[1995J 1 WLR 96 ( P C ) . . . 344
North-West Life Assurance Co. of Canada v.
Shannon Height Developing Ltd. (1987) 12
BCLR (2d) ( C A ) . . . 219
North Western Bank Ltd. v. John Poynter, Son 8c
Macdonalds [ 1895] AC 56 . . . 390
Nova (Jersey) Knit Ltd. v. Kammgarn Spinnerei
GmbH [1977] I WLR 713; [1977] 2 All ER463
( H L ) . . . 381
Oceano Grupo Editorial SA v. Quintero Cases
C240/98 to C244/98 (2001] ECR M941
O'Connor v. Bradshaw (1850) 5 Ex. 882; 155 ER
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On Demand Information pic v, Michael Gerson
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Ontario Securities Commission v. Greymac
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Oppenheimer v. Cattermole [1976] AC 249 (HL)
Orakpo v. Manson Investments Ltd. [ 1978] AC 95
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Orion Finance v. Crown Financial Management
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PTZM Ltd., Re [1995] BCLC 530
Pan Foods v. ANZ Banking Group (2000) 74
ALJR79I ( H C A ) . . . 322
Parr's Bank Ltd. v. Thomas Ashby 8c Co. (1898) 14
T L R 5 6 3 . . . 262.281
R. v. Southwark Crown Court, ex p. Customs and
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Parry-Jones v. Law Society [ 1969] 1 Ch. 1 . . . 175
Patel v. Standard Chartered Bank [2001] Lloyd's
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R 8c B Customs Brokers Co. Ltd. v. United
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All ER 8 4 7 . . . 149
Peterson v. Idaho First National Bank, 367 F 2d
2 8 4 ( 1 9 6 1 ) . . . 169
Petro-Canada v. Cijef Ltd. [ 1993 ] 3 WWR 76
Phipps v. Boardman [ 1967] 2 AC 46 . . . 188,209
Pilmer v. Duke Group Ltd. (in liq.) (2001) 180
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Pinto Leite, In re [ 1929] I Ch. 221 . . . 366
Pioneer Container, The [1994 ] 2 AC 324 (PC)
Platform Home Loans Ltd. v. Oyston Shipways
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Polly Peck International pic v. Nadir (No. 2)
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Polly Peck International pic v. Nadir (No. 3)
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Portman Building Society v. Dusangh [2000]
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Power Curber International Ltd. v. National Bank
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Prenn v. Simmonds [1971] 1 WLR 1381; [1971] 3
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Price Waterhouse (a firm) v. BCC1 Holdings
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Procter and Gamble Co. v. Bankers Trust Co.,
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Provincial North West pic K Bennett [ 1999]
EWCA Civ. 676; The Times, 11 Feb. 1999
R (Abacha) v. Secretary of State for the Home
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RT-C v. Aetna Cas & Sur. Co. of Illinois, 25 F 3d
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RairTeisen Zentralbank Österreich AG K Five Star
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Redmond v. Allied Irish Bank [1987] 2 FTLR 264
Registered Securities, Re [ 1991 ] 1NZLR 545 (CA)
Richter SA v. Bank of America National Trust 8c
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1 9 9 1 ) . . . 211
Robertson v. Canadian Imperial Bank of
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Rolled Steel Products (Holdings) Ltd. v. British
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Ross v. Lord Advocate (1986] 1 WLR 1077;
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Royal Bank of Canada v. LVG Auctions Ltd.
(1983) 12 DLR(4th) 7 6 8 ( O n t . C A ) . . . 247
Royal Bank of Scotland pic v. Etridge (No. 2)
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Royal Bank of Scotland pic v. Wallace
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Royal Bank Trust Co. (Trinidad) Ltd. v.
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Royal Boskalis Westminster NV v. Mountain
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Royal British Bank v. Turquand (1856) 6 EL 8c Bl.
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R. v. Bank of England, ex p. Mellstrom [1995]
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Royal Brunei Airlines Sdn. Bhd. v. Tan [1995] 2
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R. v. Bevan (1987) 84 Cr. App. R 143 . . . 440
Royal Products Ltd. v. Midland Bank Ltd. [ 1981 ] 2
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R. v. Grossman (1981) 73 Cr. App. R 302 . . . 453
R. v. King [1992] QB 20 (CA) . . . 234
Ryan v. Bank of New South Wales [1978] VR 555
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Sharon Steel Corp. v. Chase Manhattan Bank NA,
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Space Investments Ltd. v. Canadian Imperial Bank
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Spring v. Guardian Assurance pic [ 1995] 2 AC
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State of Norway's Application, Re (Nos. 1 8c 2)
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Swiss Bank Corp. v. Lloyds Bank Ltd. [ 1982| AC
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Szetcjn v. J Henry Schroder Banking Corp., 31
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TC Trustees Ltd. v. JS Darwcn (Successors) Ltd.
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Tassell v. Cooper (1850) 9 CB 509; 137 ER 990
Tenax Steamship Co. Ltd. v. Reinante
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Themehelp Ltd. v. West [ 1996] QB 84 (CA)
Thomas Witter Ltd. v. TBP Industries Ltd. [ 1996] 2
All ER 5 7 5 . . . 147
United Commercial Bank Ltd. v. Okara Grain
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United Dominions Corp. Ltd. v. Brian Pty. Ltd.
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United Dominions Trust Ltd. v Kirkwood [1966
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United Pan-Europe Communications NV v.
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United States v. Fleet Factors Corp. 901 F 2d 155
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United States v. Ghidoni 732 F 2d 814 (11th Cir
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United States v. Miller, 425 US 435 (1976)
Three Rivers DC v. Governor and Company of
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[2000] 2 WLR 1220; [2000] 3 All ER 1 (HL)
the Bank of England [2001] UKHL 16; (2001 ]
2 All ER 513 ( H L ) . . . 89
Tolhurst v. Associated Portland Cement
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Torvald Klaveness A/S v. Ami Maritime Corp.
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United States Trust Co. of New York v. Australia
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37 NSWLR 131 (CA) . . . 330
Total Gas Marketing Ltd. v. ARCO British Ltd.
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United Trading Corp. SA v. Allied Arab Bank Lt
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Tournier v. National Provincial and Union Bank
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Utica City National Bank v. Gunn, 222 NY 204
( 1 9 1 8 ) . . . 49
United States v. National City Bank, 321 F 2d 14
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378 ( 1 9 6 5 ) . . . 10
Commission v. Wang, 699 F Supp. 44 (SDNY
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173, 174, 176, 181
Trafalgar House Construction (Regions) Ltd. r.
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Turkiye Is Bankas SA v. Bank of China [1998] 1
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Turnbull 8c Co. v. Duval [1902] AC 429 (PC)
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Turner v. Royal Bank of Scotland pic [2001 ]
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Twinsectra Ltd. v. Yardlcy [2002] UKHL 12;
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UBA! Ltd. v. European American Banking Corp.
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VK Mason Construction Ltd. v. Bank of Nova
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Verity and Spindler v. Lloyds Bank pic [ 1995]
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Verjee v. CIBC Bank and Trust Co. (Channel
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Visa International (Case No. COMP/29.373)
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Wahda Bank v. Arab Bank pic [1996] 1 Lloyd's
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Walford v. Miles [ 1992| 2 AC 128 (HL) . . . 300
Wallingford v. Mutual Society (1880) 5 App. Cas
Weitzman v. Hendin (1989) 69 OR (2d) 678 (CA)
Welsh Development Agency v. Export Finance Co.
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Westdeutsche Landesbank Girozentrale Bank v.
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Wilson v. United Counties Bank Ltd. [1920] AC
102 ( H L ) . . . 131
Australia Ltd. (1992) 111 ALR649 . . . 23
Woods v. Martins Bank Ltd. [1959] QB 5 5 . . . 191
X AG v. A Bank [ 19831 2 All ER 464 . . . 175,182,
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Westminster Bank Ltd. v. Hilton (1926) 43 TLR
124 ( H L ) . . . 243
Westminster Bank Ltd. v. Zang [1966] AC 182
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Westpac Banking Corp. v. M M Kembta (New
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Westpac Banking Corp. v. Robinson (1993) 30
NSWLR 668 ( C A ) . . . 208
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Wnonnock Industries Ltd. v. National Bank
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Williams and Humbert Ltd. v. W 8t H Trademarks
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Winterton Constructions Pty. Ltd. v. Hambros
Yale Express System Inc., In the matter of, 245 F
Supp. 790 (SDNY 1965) . . . 366
Yeoman Credit v. Gregory [1963] 1 WLR 343;
[1963] 1 All ER 2 4 5 . . . 380
Yerkey v. Jones (1939) 63 CLR 649
Yorkshire Woolcombers Association Ltd. [1903] 2
Ch. 284 ( C A ) . . . 404
Young v. Robson Rhodes (a firnr) [1999] 3 All ER
5 2 4 . . . 23
Yuen Kun Yeu v. Attorney-General of Hong Kong
[1988] AC 175 ( P C ) . . . 88
Züchner v. Bayerische Vereinsbank AG (Case 172/
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s. 63 . . . 16
Banks (Shareholdings) Act 1972 . . . 16
s. 10 . . . 32
Cheques and Payment Orders Act 1 9 8 6 . . . 258
s. 1 0 ( 2 ) . . . 119
s. 52 . . . 222
Bank Act, SC 1991, c.46
ss. 283-292 . . . 15
Bank of Canada Act, RS 1985, c. B-2
s. 14 . . . 124
s.42 . . . 419
Payment Clearing and Settlement Act 1996
. . . 283,284
Confidential Relationship (Preservation) Law
1976 . . . 180
Act on Certain Payment Instrument, No. 414 of
31 May 2 0 0 0 . . . 266
Council Framework Decision 2001/413/JHA
[2001] OJL149/1 . . . 69
Dir. 77/780/EEC ( 1977] Ol L322/30 First Banking
Directive . .. 8 , 6 5 , 8 5 , 8 8
Dir. 83/350/LEC [1983] OJ L193/I8 First
Consolidated Supervision Directive . . . 105
Dir. 89/298/EEC [1989] OJ L124/8 Prospectus
Directive... 348
Dir. 89/299/EEC [1989] OJ LI24/I6 on the own
funds of credit institutions... 90
Dir. 89/592/EEC [1989] OJ L334/30 Insider
Dealing Directive... 24
Dir. 89/646/EEC [1989] OJ L386/1 Second
Banking Directive . . . 32,84, 100, 104,430
Art. 6 . . . 104
Dir. 89/647/EEC [1989] OJ L386/I4 Solvency
Ratio Directive . . . 90,101
Dir. 90/88/EEC [1990] OJ L61/I4 Consumer
Credit Directive... 77
[1991] OJ L166/77 Money Laundering Directive
Art. 2 . . . 70
Art. 3 . . . 71
Art. 3 ( 7 ) . . . 71
Arts. 4 - 6 , 1 0 . . . 71
Dir. 92/30/EEC [1992] OJ LI 10/52 Consolidated
Supervision Directive... 107
Art. I . . . 107
Art. 3(1), ( 2 ) . . . 107
Art. 4(1), ( 2 ) . . . 108
Art. 6(1 ) . . . 107
Dir. 92/121/EEC [1993] OJ L29/1 Large
Exposures Directive . . . 92, 93
Dir. 93/6/EEC [ 1993] OJ L141/1 Capital
Adequacy Directive . . . 101, 102, 103,
Annex V I I I . . . 102
Dir. 93/13 [1993] OJ L95/29 Unfair Terms in
Consumer Contracts Directive . . . 76, 151,
152, 153, 155, 157,200
preamble... 153
Art. 3 . . . 157
Dir. 93/22/EEC [1993] OJ L141/27 Investment
Services Directive . . . 347, 433
Art. 3(3) . . . 347
Art. 4 . . . 347
Art. 7 . . . 429
Art. 8 . . . 347
Art. 9(5) . . . 347
Art. 10 . . . 331,347
Art. 1 1 ( 1 ) . . . 26
Annex, Secs A, C . . . 347
Dir. 94/I9/EC [I994[ OJ L135/5 Deposit-
T A B L E OF LEGISLATION
Dir. 95/26/EC [ 1995] Ol L168/7 Prudential
Supervision Directive . . . 108
Dir. 97/5/EC {1997] OJ L43/25 Cross-Border
Credit Transfers Directive... 4 1 , 4 2 ,
Dir. 97/9/EC 11997] Oï L84/22 Investors
Compensation Directive... 80
Dir. 98/26/EC [1998] OJ L166/45 Settlement
Finality Directive... 232, 243, 280, 283,
Art. 3 . 3 . 5 . . . 283
Art. 5 . . . 243,245
Art. 8 . . . 284
A r t . 9 { l ) . . . 284
Art. 9 ( 2 } . . . 413
Art. 31 . . . 283
Dir. 98/31/EC [1998] OJ L204/13 amending Dir.
Annex, paras. 1, 3, 5 . . . 102
Dir. 1999/93/EC [2000| O] L13/12 Electronic
Dir 2000/12 [2000] O) 1.126/1 Credit Institutions
Directive . . . 8, 32, 84, 85, 90, 91, 92, 93,
100, 107, 299, 347,423, 425, 428, 430, 431,
Title IV . . . 429
Art 1 . . . 8,9
Art 1(24), ( 2 5 ) . . . 92
Art 4 ( 3 ) . . 92
Art 12(3) . . 36
Art 13 . 104
Art 16 . . . 33
Art 16(!) . . 33
Art 18(1) . . 430
Art 20(1) . . 434
Art. 22(5) . . 84
Art 23(1) . . 431
Art 23(4) . . 429,430
Art. 23(5) . . 429,430
Art. 23(6) . . 431
Art. 25(5) . . 429
Art 43(1 ) ( c ) . . . 376
Art 48(2) . . 93
Art. 4 9 ( 0 , ( 2 ) . . . 9 2
Art. 50 . . . 93
Art. 51 . . . 35
Annex I . . . 9 , 1 0 0 , 2 8 5 , 4 3 0
Dir. 2000/31/EC [2000] OJ 1.178/1 Electronic
Commerce Directive .. . 352
Dir. 2000/46/EC OJ L275/39 on [e money]
Council Reg. 4064/89 [ 1990] OJ L257/I3 Merger
Control Regulation . . . 17
A r t . 3 ( 5 ) ( a ) . . . 16
Arts. 85, 86 . . . 16
Council Reg. 2271/96 ] 1996] OJ L309/1 . . . 452
Council Reg. 2488/2000 |2000] OJ 1.287/19
freezing the funds of Milosevic . . . 74
Council Reg. 44/2001 [2001] OJ L12/I Brussels
Art. 5(3) . . . 443
Council Reg. 467/2001 [2001] OJ L67/1
Art. 2 . . . 73
Council Reg- 2560/2001 [2001] OJ L344/13
Council Reg. 2580/2001 [2001] OJ L334/70
. . . 73,74
a r t . 6 5 . . . 99
s. 32 . . . 30
s s . 9 7 , 9 9 . . . 174
Civil Code, B. 6 . . . 339
Art. 114 . . . 241
Notice on the application of the EC competition
rules to cross-border credit transfers [1995]
O J C 2 5 1 / 3 . . . 81
paras. 25, 26 . . . 286
Banking A c t . . . 3 1 , 3 3 , 9 8
§I(D... 6
ss. 662-665 . . . 140
Art. 2 . . . 168
Control and Transparency in the Corporate Field
Act 1998 . . . 34
tiesetz fiber die integrierte Finanzaufsicht 2001
Standard Contract Terms Act 1976 .. . 151
s . 9 . . . 222
Reserve Bank of New Zealand Act 1989 . . . 117,
s. 11 . . . 117
s. 1 2 ( 6 ) . . . 117
s . 4 9 ( 2 ) ( d ) , ( f ) . . . 117
Banking Act, Ch. 19
s. 33 . . . 93
s. 47 . . . 179
Companies Act, Ch. 50
s. 231 . . . 98
IN Security Council Resolution 1267 of 1999
L'N Security Council Resolution 1333 of 2000
L'N Security Council Resolution 1373 of 2001
Constitution . . . 114
s. 2 2 4 ( 2 ) . . . 114
s. 2 2 5 . . . 114
Act on Membership Banks 1996 . . . 83
Anti-terrorism, Crime and Security A
s. 1 . . . 73
s . 4 . . . 74
s.5(2), ( 6 ) . . . 7 5
s . 9 ( 4 ) . . . 75
S c h e d . 2 . . . 73
Sched. 2, Pi. 2 . . . 75
Sched. 3, para. 2 . . . 75
Sched. 3, para. 7 . . . 75
Sched. 3, para. 7 ( 5 ) . . . 75
s. 1 0 . . . IN
Bank of England Act 1694, 5 8c 6 Will.
2 0 . . . 114
s. 26 . . . 30
Bank of England Act 1819
s. 1 . . . 123
Bank of England Act 1946 .. . 9 5 , 9 6 ,
s. l ( I ) ( a ) . . . 114
s - 2 ( l ) . . . [14
s . 3 ( 2 ) . . . 114
s . 4 ( l } . . . 114, 115
s . 4 ( 3 ) . . . 121, 124
Bank of England Act 1998 . . . 96, 115
s. 3 . . . 118
s . 6 . . . Ill
s. II . . . 115, 119
s. 12 . . . 120
s. 13 . . . 118
s. 14 . . . 116
s. 14(1] . . . 116
s. 1 5 ( 1 ) . . . 116
s. 1 6 . . . 118
Sched. 1 . . . 117
Sched. 2...
Sched. 3, paras, 10, 1 1 , 1 3 . . . 118
Bankers Books Lvidence Act 1879 . . .
s. 1... 176
Banking Act 1979 . . . 7 , 6 5
s. 40 . . . 427
s. 4 7 . . . 265
Banking Act 1987 . .. 7 , 6 5 , 8 5
s. 38 . . . 92
s. 91 . . . 429
Bills of Exchange Act 1882 . .. 130, 160
261,262, 2 6 4 , 3 8 3 , 3 8 4
$ . 2 9 ( 1 ) , ( 2 ) . . . 380
$. 3 0 ( 2 ) . . . 380
1.31 . . . 379,383
s . 3 4 . . . 379
$ . 3 8 . . . 380
s . 3 8 ( 2 ) . . . 381
s . 4 5 . . . 261
$ . 4 8 . . . 379
s s . 5 1 , 5 3 . . . 258
$ . 5 3 ( 1 ) . . . 234
$ . 5 4 ( 1 ) . . - 379
s . 5 5 ( l ) ( a ) . . . 379
$. 5 5 ( 2 ) . . . 380
$ . 5 5 ( 2 ) ( a ) . . . 380
$ . 5 6 . . . 384
$ . 5 8 . . . 380,383
$. 58(3) . . . 383
$. 5 9 ( 3 ) . . . 382
$.60... 5
s. 63(3) . . . 249
$ . 6 4 . . . 260,380
s. 7 2 ( 2 ) . . . 384
$ . 7 3 . . . 258,274
$ . 7 5 . . . 260
$ . 7 5 ( 1 ) . - . 258
$ . 7 6 ( 0 . ( 2 ) - . - 259
$ . 7 7 ( 2 ) - ( 6 ) . . . 260
s . 7 9 . . . 260
$ . 7 9 ( 2 ) . . . 259
s.80... 5
$.81 . . . 259
S . 8 1 A . . . 5,258
s . 8 1 A ( l ) . . . 259
$ . 8 3 ( 0 - . - 327
$. 90 . . . 264, 380
Bills of Sale Act 1878 (Amendment) Act 1882
$s.8,9 . . . 417
s. 1 . . . 5
s . 4 . . . 130,264
s.4(l)... 5
Cheques Act 1992 . . . 258, 259, 263
s.92 . . . 350
Companies Act 1985 . . . 327,414,417
s. 22(2) . . . 327
s s . 3 5 , 3 5 A 3 5 B . . . 138
$ . 3 7 . . . 139
$s. 151-158 . . . 419
ss. 155-158 . . . 418
s. 192(1) . . . 344
$ . 4 5 2 ( 1 A ) . . . 177
S . 7 1 1 A . . . 138
$. 7 3 6 . . . 373
Consumer Credit Act 1974 . . . 77,153,398,
$ $ . 5 6 , 7 5 . . . 373
s. 1 0 6 ( a ) . . . 417
ss. 137-140 . . . 77
$ . 1 3 7 . . . 152
$. 2 ( 2 ) . . . 444
. . . 42,342,386
Criminal Justice Act 1988 . . . 71
P t I . . . 441
s. 52 . . . 24
s . 5 6 ( l ) . . . 25
s.57(2)(a)(ii)... 24
Criminal Justice (International Co-operation)
Act 1 9 9 0 . . . 168
PL I . . . 456
s . 4 . . . 182,456
s . 2 . . . Ill
Currency and Bank Notes Act 1928 . . . I l l
s. 1 . . . I l l
Data Protection Act 1998 . . . 180, 181
Drug Trafficking Act 1994 . . . 71
s . 7 . . . 141
Evidence (Proceedings in Other Jurisdictions) Act
s. 2(4) . . . 456
s. 1 . . . 112
ss. 10, 18, 1 9 . . . 112
Financial Services Act 1986 . . . 29,97, 351
s. 177 . . . 177
s. 183 . . . 429
Financial Services and Markets Act 2000 . . . 8,
12, 16, 24, 25, 26, 29, 30, 31, 33, 54, 65, 72,
76, 80, 83, 85, 86, 87, 96,97,124,199, 208,
209, 282, 329, 347, 348,349, 351,352, 368,
P t V I . . . 348
Pt XV . . . 80
Pt X X V I . . . 86
s. 1 ( 3 ) . . . 346
ss. 8 - 1 1 . . . 87
s 19 . . . 7
s 19(1)... 8
s 2 9 . . . 6, 7
s . 4 1 ( 3 ) . . . 86,88
s . 4 2 ( 7 ) ( a ) , ( b ) . . . 85
s. 43 . . . 86
s . 4 3 ( l ) . . . 85
$ . 4 5 ( 1 ) . . . 86
$.45(0(0...
s. 52(6), (7), ( 9 ) . . . 86
s. 53(4), (7), ( 8 ) . . . 86
$. 5 4 . . . 86
s , 5 4 ( 2 ) . . . 86
s . 8 0 ( l ) . . 348
$ . 8 1 ( 1 ) . . . 348
$ . 8 4 ( 1 ) . . . 353
s. 86 . . . 348
s . 9 0 . . . 198,350
ss. 106, 111
. 16,18
s. 1 1 2 . . . 18
s. 1 2 3 ( 2 ) ( b ) . . . 198
s. 133 . . . 86
s. 1 3 8 ( 1 ) , ( 7 ) . . . 88
s. 144 . . . 353
s. 147 . . . 24, 26
5 . 1 4 9 ( 1 ) . . - 203
s. 1 5 0 . . . 351
s. 1 5 0 ( 0 , ( 2 ) . . . 203
s. 1 5 1 . . . 346
s. 1 6 5 . . . 87
ss. 1 7 9 , 1 8 0 . . . 86
s. 1 8 6 ( 2 ) . . . 33,86
s. 1 8 7 ( 3 ) . . . 33
s. 3 4 2 ( 3 ) . . . 87
s. 3 4 3 ( 3 ) . . . 87
s . 3 4 8 . . . 177,455
s. 3 4 9 ( 5 ) . . . 455
ss. 380, 382 . . . 7, 346
s . 3 9 7 . . . 27
s. 3 9 7 ( 2 ) . . . 353
s. 397(3) . . . 54
s. 3 9 7 ( 4 ) . . . 27,353
s. 3 9 7 ( 5 ) ( c ) . . . 27
s . 3 9 8 . . . 87
ss. 4 0 5 - 4 0 7 . . . 429
s . 4 1 2 . . . 24
Sched. I, paras. 7, 8 . . . 87
Sched. 1,para. 1 9 . . . 88
Sched. 2... 7,368
Sched. 2, Pts. I, I I . . . 346
Sched. 2, para. 5 . . . 331
Sched. 6, para. 5 . . . 86
Sched. 9, para. 2 . . . 348
Sched. 10, para. I . . . 198,350
Sched. 11, para. 2 0 . . . 349
Sched. 1 2 , P t . 2 . . . 16
s. 1 2 9 ( 2 ) . . . 163
s . 2 1 4 . . . 13,226
s . 2 3 6 . . . 177
s . 2 3 8 . . . 418
s . 2 3 9 . . . 373,418
$ . 2 4 4 . . . 77
s . 2 4 5 . . . 405,418
s . 4 2 3 . . . 442
s . 4 2 6 . . . 19
Joint Stock Banks Act 1844 . . . 30
Judicature Act 1873 . . . 358
s. 5 3 ( l ) ( c ) . . . 358
s. 1 3 6 . . . 358
Law of Property (Miscellaneous Provisions) A
s. 2 . . . 416
$ . 4 4 ( 6 ) . . . 139
$ . 2 ( 1 ) . . . 139
s . 4 ( 3 ) . . . 139
Lord Cairn's Act See Chancery Amendment A
s . 2 ( 2 ) . . . 415
s . 3 . . . 147
Moneylenders Act 1927 . . . 77
National Debt Act 1 8 7 0 . . . 112
National Health Service (Private Finance) Act
1 9 9 7 . . . 139
$ . 1 ( 1 ) . . . 112
s. 12 . . . 123
s. 1 2 ( 7 ) . . . 123
s. I . . . 58
$ . 2 ( 2 ) . . . 58
Proceeds of Crime Act 2002 . . . 71
P t . 5 , C h . 3 . . . 73
s. 41 . . . 72
s. 2 3 4 ( 2 ) . . . 71
ss. 321-323 . . . 71
s. 3 2 4 ( 6 ) . . . 72
s . 3 2 5 . . . 72,177
s. 327 . . . 72, 179
s - 3 3 0 . . . 178
s . 3 7 0 . . . 75
s s . 4 3 2 ( l ) ( a ) , 4 3 9 . . . 456
Protection of Depositors Act 1963 . . . 7
Public Interest Disclosure Act 1998 . . . 76
Restrictive Trade Practices (Stock Exchange) A
1 9 8 4 . . . 20
Theft Act 1 9 7 8 . . . 441
Terrorism Act 2000 . . . 73, 440
s . 2 0 . . . 178
s . 2 0 ( I ) ( a ) . . . 74
S . 2 1 A . . . 178
s . 2 1 A ( 2 ) , ( 3 ) , ( 5 ) , ( 6 ) . . . 74
s . 2 1 B . . . 74,179
s. 2 1 B ( l ) . . . 177
ss. 63, 64 . . . 440 Sched. 4, Pt. 1 . . . 75
Sched. 5, paras. 5, 6,6A, 7-10 . . . 75
Sched. 6, para. 2(b) . . . 177
s. 1 5 ( 1 ) . . . 69
Theft (Amendment) Act 19% . . . 69
s . 3 0 ( l ) . . . 344
s.61 . . . 345
s. 1 ( 1 ) . . . 343
s . 3 ( l ) . . . 189
s. 2 3 ( 1 ) . . . 332,344
Sched. 1, para. 7 . . . 344
Unfair Contract Terms Act 1 9 7 7 . . . 62, 147, 148,
150, 152,156, 158,345
s. 1 ( 1 ) . . . 147
. s. 2 . . . 149
s.2(2) . . . 147, 148
s. 3 . . . 147,148,149,151
s . 3 ( 2 ) ( a ) . . . 147
s . 3 ( 2 ) ( b ) ( i ) , ( i i ) . . . 147
s . l l ( l ) , ( 4 ) , ( 5 ) . . . 148
s. 12 . . . 149
s. 1 3 . . . 148
s . 2 7 ( l ) . . . 150
s. 2 7 ( 2 ) . . . 149
Sched. 2 . . . 148
United Nations Act 1946 . . . 73, 74
Citibank International Act 1993 . . . 17
Hill Samuel Bank and United Dominions Trust
Act 1 9 9 4 . . . 17
Afghanistan (United Nations Sanctions) Order
2001, SI 2001 No. 3 9 6 . . . 73
art. l ( 4 ) ( b ) . . . 444
2001, SI 2001 No. 2 5 5 7 . . . 73
Al Qa'ida and Taliban (United Nations
Measures) Order 2002, SI 2002 No. 111
Bank of England (Transfer of Stock) Order 1946,
Deregulation (Bills of Exchange) Order 1996, SI
1996 No. 2 9 9 3 . . . 261
Electronic Money (Miscellaneous
Amendments) Regulations 2002, SI 2002
No. 765 . . . 270
Financial Institutions (Prudential Supervision)
Regulations 1996, SI 1996 No. 1669
Financial Markets and Insolvency (Settlement
Finality Directive) Regulations 1999, SI
reg. 20(2). ( 3 ) . . . 283
S c h e d . , p a r a . 5 ( 1 ) . . . 243
(Disclosure of Confidential Information)
Regulations 2001, SI 2001 No. 2188
reg. 4 . . . 455
reg. 12(1 )(a) . . . 455
(Financial Promotions) Order 2001, SI 2001
art. 4 . . . 351
art. 1 2 . . . 439
art. 1 2 ( l ) ( b ) . . . 351
art. 12(2) . . . 352
art. 12(3)-(6) . . . 351
art. 19 . . . 352
arts 22, 23 . . . 78
Financial Services and Markets Act 2000 (Official
Listing of Securities) Regulations 2001, SI
2001 No. 2 9 5 6 . . . 349
r c g . 6 ( l ) ( d ) , ( e ) . . . 349
reg. 1 0 ( 2 ) . . . 349
reg. 12 . . . 349
(Regulated Activities) Order 2001, SI 2001
art. 5(1), ( 2 ) . . . 8
art. 6( 0 ( b ) . . . 8
art. 9 . . . 329
art. 1 7 ( 1 ) . . . 368
art. 7 2 ( 1 ) , ( 2 ) . . . 346
arts. 77, 78 .. . 329
(Regulated Activities) (Amendment)
Order 2002, SI 2002 No. 682 . . . 270,
(Recognition Requirements for
Investment Exchanges and
Clearing Houses) Regulations 2001,
SI 2001 No 995
Pt. XVIII . . . 54
Sched., paras. 8, 22 . .. 52
Money Laundering Regulations 1993, SI 1993/
regs. 7 - 1 3 . . . 72
r e g . 9 ( 5 ) . . . 71
Money Laundering Regulations 2001, SI 2001 No.
3641 . . . 71
Public Offers of Securities Regulations 1995, SI
1995 No. 1537 . . . 348
reg. 7 . . . 349
regs. 9,11 . . . 348
reg. I3( I)(d), ( e ) , ( g ) . . . 349
regs. 14, 15 . . . 350
reg. 1 6 ( 2 ) . . . 353
2001, SI 2001 No. 3365 . . . 73, 74
Uncertified Securities Regulations 2001, SI 2001
reg. 31 . . . 328
1994, SI 1994 No. 3 1 5 9 . . . 150
1999, SI 1999 No. 2083 . . . 149,150, 152,
153, 155, 156, 157, 158
reg. 3 ( 1 ) . - . 150,154
reg. 3 ( 2 ) . . . 152
reg. 5 ( 1 ) . . . 151,155
r e g . 5 { 2 ) - ( 4 ) . . . 151
reg. 6(1) . . . 152, 157
reg. 6 ( 2 ) . . . 152
reg. 7 . . . 152
reg. 7 ( 1 ) . . . 150
Sched. 2, para. 1(b), ( d ) . . . 150
Sched. 2, para. 1(e) . . . 150, 153
Sched. 2, para. 1(g), (,'), (I) .. . 154, 155
Sched. 2, para. l ( q ) . . . 147, 154
Sched. 2, para. 2... 154, 155
Sched. 2, para. 2(c) . . . 155
Bank Holding Company Act 1956 12 USC
§ 1 8 4 3 ( a ) ( 2 ) . . . 16,31,99
Bank Merger A c t . . . 16
Bankruptcy Code (1990 Amendments)
Community Reinvestment Act 12 USC §2901
Constitution . .. 168
Electronic Funds Transfer Act 15 USC §1693
. . . 76,266
Equal Credit Opportunity Act 15 USC §1691
Föderal Deposit Insurance Corporation
Federal Reserve Act 1913 . . . 99
s. 2 2 5 a . . . 119
Financial Institutions Reform, Recovery and
Enforcement Act 1989 . . . 290
Glass-Steagall Act 1933 . . . 21,31,98,99
§ § 1 6 , 2 0 , 2 1 , 3 2 . . . 99
Gramm-Leach-Bl Hey Act 1999,13Stat. 13411 3 4 6 ( 1 9 9 9 ) . . . 99,100
Helms-Burton Act 22 USC §6082 . . . 451,
McFadden Act 1927, 44 Stat. 1228 (1927)
Money Laundering Control Act 1986 18 USC
§ 1 9 5 6 ( f ) . . . 441
National Bank Act 1864 . . . 2 0 , 3 1 , 9 6 , 9 9
PATRIOT Act 31 USC § 5 3 1 8 ( i ) . . . 44
§ 1 6 4 ( 2 ) . . . 218
§ 2 0 5 . . . 199
§ 3 1 7 ( 2 ) ( a ) . . . 357
Restatement on Foreign Relations Law, Third
§403 . . . 453
Restatement on Security
§ 1 1 9 . . . 218
Trust Indenture Act 1939 15 USC §77aaa-bbb
Uniform Commercial Code . . . 163
§ 1 - 2 0 3 . . . 199
§ 2 . . . 49
§4-406 . . . 164
§ 4 A . . . 232,280,281
§ 4 A - 1 0 3 ( a ) ( l ) ( i ) , ( i i ) . . . 280
§ 4 A - 2 1 I ( b ) . . . 281
§4A-305 . . . 43
§4A-402 . . . 42
§4A-501(a) . . . 280
§ 5 . . . 385
§ 8 - 1 1 0 . . . 413
§9 . . . 280, 398, 399
§9-I03(b), ( d ) . . . 413
12 USC §§ 24, 78, 377, 378 ( 1 9 9 4 ) . . . 99
12 USC §191 . . . 96
1 2 U S C § § 2 1 5 , 2 1 5 a 2 I 5 a - l . . . 12
12 USC§241 . . . 118
12 USC § 3 0 2 . . . 118
12 USC § 3 5 5 . . . 123
12 USC 633, I828(q) . . . 11
12 USC §1757 . . . 83
1 2 U S C § 1 8 2 3 ( c ) . . . 97
18 USC § 1 3 4 4 . . . 69
Basle Capital Accord... 89,90,91,102,
Basle Concordat 1975 . . . 105
Basle Concordat 1 9 8 3 . . . 105,106
1992 Supplement... 106, 107
Brussels Convention . . . 443
Contractual Obligations . . . 151
Matters 1 9 5 9 . . . 456
Matters between the Member States of
the EU 2000 . . . 456
Protocol (Council Act of 16 Oct. 2001 [2001]
O J C 3 2 6 / 1 ) . . . 456
Council of Europe Convention on Laundering,
Search, Seizure and Confiscation of the
Proceeds of Crime, Europ.TS, No. 141,
Art. 6 . . . 70
Art. 6(2)(a) . . . 70
Art. 6 ( 3 ) . . . 70
EC Treaty . . . 113, 115, 116,285,428,434
Arts. 30, 56, 59 . . . 272
Art. 81 . . . 286
A r t . 8 1 ( 1 ) . . . 81
Art. 82 . . . 286
Art. 8 7 ( 1 ) , ( 3 ) . . . 81
Art. 101(1) ••• 123
Art. 105(1) . . . 119
Art. 105(2) . . . 282
Art. 108 . . . 114, 115
Art. 112 . . . 115, 117
Art. 112(2)(b) . . . 118
Art. 1 1 3 . .. !16
Art. 249 . . . 270
Arts. 2, 3 a . . . 119
Protocol 11 . .. 113
Protocol 18 (ECB Statute) . . . 115
Arts. 11.2, 11.4 . . . 115
Art. 15.3 . . . 116
Art. 18(1) . . . 122
Art. 19 . . . 121
Art. 22 . . . 283
Art. 8 . . . 168
. .. 433,435
. . . 423,425,428,429,433,435,436
Arts. I, II, X V I . . . 435
Arts. XVII, X I X . . . 436
Art. X X V I I I ( a ) . . . 428, 435
Annex on Financial Services... 167,435
Geneva Convention on the Uniform Law for
Cheques 1931, LNTS Vol. CXI 11, No. 3 316
Art. 21 . . . 261
Annex II, Art. 1 5 . . . 261
Geneva Uniform Law on Bills of Exchange and
Art. 9 . . . 383
Arts. 31, 3 2 . . . 384
Art. 77 . . . 383
Hague Convention on the Taking of Evidence
Abroad in Civil and Commercial Matters
1970, Cmnd 6727, 1 9 7 6 . . . 182,456
Ch. 1 . . . 455
ICC Uniform Customs and Practices for
Documentary Credits (UCP 500)
. . . 385, 386
Art. 2... 10,385
Art. 3(a), ( b ) . . . 387
Art. 4 . . . 388
Art. 6 ( c ) . . . 386
Art. 7(a) . . . 386
Art. 9(b) . . . 386
Art. 9 ( d ) ( i i ) . . . 386
Art. 10 . . . 387
Art. 10(d) . . . 386
Art. 1 3 a . . . 186,388,389
Art. 1 3 a ( c ) . . . 388
Art. I3b . . . 389
Art. 1 4 ( b ) . . . 388
Art. 1 6 . . . 388
Art. I8a . . . 41
Art. 37(c) . . . 388
Art. 9 . . . 273
Art. 1 1 a . . . 41,273
Art. 21 . . . 274
ICC Uniform Rules for Demand Guarantees (No.
4 5 8 ) . . . 390
A r t . 2 ( b ) . . . 391
Art.VllI(2)(a)... 443
Art. VIII(2)(b)... 444,446,447 *
Maastricht Treaty... 83
North American Free Trade Agreement 1994
Ch. 14 . . . 433
AnnexVII... 433
Rome Convention on the Law Applicable
to Contractual Obligations [ 1980]
OJ L266/1
Art. 7 ( 1 ) . . . 445
Art. 8 . . . 444,445
Art. 1 0 ( 2 ) . . . 445,446
Art. 1 2 ( 1 ) , ( 2 ) . . . 413
Art. 1 6 . . . 446
Treaty between the UK and USA concerning the
Cayman Islands relating to mutual
assistance in criminal matters. Cm 1313,
1990 . . . 455
America and Japan, 4 UST
A r t . 7 ( 2 ) . . . 433
Ch. V I I . . . 73
UN Convention against Illicit Traffic in Narcot
Drugs and Psychotropic Substances 19
UN Document E/Conf./82/15 of 19 De
1 9 8 8 . . . 70
A r t . 3 ( l ) ( b ) . . . 70
Art. 5(3) . . . 70
Art. 7 ( 5 ) . . . 70
UN Convention on Independent Guarantees a
Stand-By Letters of Credit 1995
Art. 2 . . . 391
UN International Convention for the
Suppression of the Financing of
Terrorism 1 9 9 9 . .. 73,439
UNCITRAL Model Law on International Credi
Transfers . . . 232, 243
Art. 1 ( 3 ) . . . 10
A r t . 5 ( 2 ) ( a ) . . . 141
Art. 1 4 . . . 42
Art. 1 4 ( 1 ) . . . 245
Art. 1 8 . . . 43
Art. 1 9 ( 1 ) . . . 245
UN1DROIT Convention on International
Factoring 1988 . .. 377
Commercial Contracts (Rome 1994)
Art. 5.4(2) . . . 304
L I S T OF W E B S I T E S CONTAINING I N F O R M A T I O N ON BANKING LAW
LIST OF W E B SITES CONTAINING
INFORMATION ON BANKING LAW*
International Primary Market
Law Commission for England
Loan Syndications and
US Office of the Comptroller
ACI— The Financial Markets
Association for Payment
Asia-Pacific Loan Market
British and Irish Legal
www.apacs.org. uk
www.bankingcode.org.uk
curopa.eu.int
www.fbc.be
www.federalreservc.gov
www.fi nancialombudsman.org.uk
www.german-banks.com
www.hm-trcasury.gov.uk
European ('entra! Bank
Trade Association tor the
Euroclcar (the international
system for securities)
Official US Federal
Contains the model code for
Contains free, mainly
appellant cases from the
UK, Ireland, Australia, New
Zealand, Hong Kong, and
Copies of Banking Codes
Excellent and essential site
Contains master agreements
Contains Chips Rules
A valuable site, with links to
www 1 .oecd.o rg/fat f
www.scc.gov
Swift {the payment messaging
www.senate.gov/-banking
-www.swift.com
www.thetakeovcrpanel.org.uk
www.worIdbank.org
Difficult site to negotiate
Contains material on Islamic
banking '
Contains list of government
Contains Privy Council
Contains copy of the
Contains conventions and
model law on payment and
* Many trade associations do not make rules, agreements, etc. available to non-members.
An essential site; contains the
B A N K I N G AND BANK
An appreciation oí" the nature of banks and of banking activities, and how these are
changing, is essential background to a study of banking law. It is possible only to skate
the surface in a book of this nature, but this Chapter addresses two aspects of what
banking involves and how it is organized. One aspect is how banks are structured
internally. Thus banks have traditionally relied on a branch network for what are
described in this book as their core activities—taking deposits and lending. These
days there is a tension between maintaining a branch network, which has been
thought important to customer satisfaction and selling other services, and the cost
considerations. What is happening is a rationalization of branches, a change in the
nature of some branches, greater automation, and internet banking.' Moreover, the
one corporate entity has become the banking group, as many banks have established
separate subsidiaries for separate activities. While branches are not typically incorporated, it is common now for banks to hive off activities into subsidiaries. Thus
point-of-sale finance and corporate finance may be effected from members of the
banking group other than the core bank.
Coupled with this has been the move towards the German model of universal
banking. In other words, large banks are typically multifunctional institutions,
engaged not only in core banking but in a range of other activities. At the retail level
this is partly because individual customers have become wealthier and more sophisticated. Money has been drawn away from deposit accounts to unit trusts, life assurance, and pension plans. Banks have thus become involved in the distribution and
provision of these services as their captive deposit base has been eroded. The mirror
of this has been the banks themselves choosing higher risk, higher return activities. As
is well known, banks have become players in foreign exchange, securities, and derivatives markets, on their own account, as well as on behalf of customers. Trading profile,
as well as fee-income, is the goal.
In Britain the typical multifunctional bank has been formed by the merger of what
used to be separate activity institutions—the clearing bank (called the commercial
J. Chetham, Issues in European Hanking (London, Financial 'Limes Management Reports, 1994);
E. Gardner and J. l alzon (eds.), Strategic Challanges in European Banking (Basingstoke, Macmillan,
1999); |.-P. Danthinc, era/., The h'uturc of European Banking (London, CEPR, 1999).
P R I N C I P L E S O F B A N K I N G LAW
BANKING AND BANK O R G A N I Z A T I O N S
bank elsewhere), the merchant bank (the investment bank in US terms), and the
stockbroker and securities dealer (in US terms, the broker-dealer). Commercial banking involves at its core taking deposits, effecting customers' payment instructions, and
providing finance in a variety of ways. Investment banking comprises a range of
activities, including capital market activities, investment management, corporate
financing and advice, and derivatives products. Securities and derivatives dealing for
customers has been mentioned. As we shall see, insurance is typically tacked on to all
is worth quoting at some length, because it encapsulates a great deal of what this book
T H E NATURE OF BANKING
The essential characteristics of the business of banking are . . . the collection of money by
receiving deposits upon loan, repayable when and as expressly or impliedly agreed upon,
and the utilization of the money so collected by lending it again in such sums as are
required. These are the essential functions of a bank as an instrument of society. It is, in
effect, a financial reservoir receiving streams of currency in every direction, and from which
there issue outflowing streams where and as required to sustain and fructify or assist
commercial, industrial or other enterprises or adventures . , . The methods by which the
functions of a bank are effected—as by current account, deposit account at call, fixed deposit
account, orders, cheques, secured loans, discounting bills, note issue, letters of credit, telegraphic transfers, and any other modes that may be developed by the necessities of
business—are merely accidental and auxiliary circumstances, any of which may or may not
exist in any particular case.
Before turning to these aspects of how banks are organized, however, it is as well to
start with the nature of banking. It will be evident from what has already been said
that the term 'banking' can no longer be identified with the business of a banking
group, since the multifunctional bank engages in a whole range of activities not
associated with traditional banking—securities dealing, investment management, and
insurance to name but three. How, then, can banking be defined?
Moreover, to universalize the Kirkwood, or any, definition ignores the point that
definitions are developed in a particular context. The notions of'bank' and 'banking
will bear different shades of meaning turning on the issue. Broadly speaking the
jurisprudence about the meaning of banking has arisen in three contexts. The first
revolves around regulation: for example, is a particular body in breach of the law since
it is carrying on banking business in the jurisdiction without a banking licence?
Secondly, some legislation confers a privilege or protection on 'banks' without defining them, and the issue becomes whether a particular body can take advantage of it.
For example under section 4(1) of the Cheques Act 1957, bankers (undefined) who
convert cheques by collecting them for customers have a defence if they can establish
that they acted in good faith and without negligence. Thirdly, those seeking to avoid a
payment obligation have occasionally argued that it arose on an illegal contract, which
is void or unenforceable because it is owed by or to an unlicensed bank.
A. COMMON LAW D E F I N I T I O N S
A number of definitions of banking emerged at common law. Perhaps the most
authoritative is that adopted in Untied Dominions Trust Ltd. v. Kirkwood, when the
court drew on the usual characteristics of banking set out in Paget's Law of Banking* a
standard textbook. As Lord Denning MR put it:
There arc, therefore, two characteristics usually found in bankers today: (i) They accept
money from, and collect cheques for, (heir customers and place them to their credit; (ij)
They honour cheques or orders drawn on them by their customers when presented for
payment and debit their customers accordingly. These two characteristics carry with them
also a third, namely: (iii) They keep current accounts, or something of that nature, in their
books in which the credits and debits are entered.
Such an analysis cannot be regarded as sufficient. First, it tics itself to payment
through the cheque system, thus excluding traditional savings and co-operative banks,
quite apart from merchant (investment) banking. More importantly, cheques are
only one way in which payments are effected: indeed, before too long, cheques will
have had their day. For this reason the more generalized analysis of Isaacs J in the
Australian I iigh Court, specifically rejected by Lord Denning MR, is to be preferred. It
The judicial approach in each of these three contexts has been influenced by the
circumstances. In the case of the third type of case, for example, such claims can
smack of the unmeritorious. Consequently, the courts may strain to find that the
creditor is, in fact, a bank and its rights and obligations enforceable by action. Indeed
this is what happened in Kirkwood. These days, however, the issue is unlikely to arise
in the same way as in that decision, since it will be quite clear whether or not a body is
an unlicensed bank. (In Kirkwood the issue was whether UDT was an unlicensed
moneylender: under the legislation it did not have to be licensed if it was a bank—
undefined in the particular legislation.) The contending policy considerations in this
type of case include, on the one hand, that to deny recovery of a loan to the unlicensed
bank may be a deterrent to unlawful banking. The corollary is, however, that the
unlicensed bank, unable to recover the moneys which it has lent, will be disabled as a
e.g. J. Canals, Competitive Strategies in European Banking (Oxford, Clarendon, 1993), 232.
| 1 9 6 6 ] 2 Q B 4 3 I (CA).
See now 11th edn., M. Hapgood (ed.), London, Buttcrworths, 1 9 9 6 , 1 0 4 .
At 447. See also 4 6 5 , per Diplock LJ.
256 below.
See Cotnrs. of the State Savings Bank of Victoria v. Permewan, Wright & Co. Ltd. ( 1915) 19 CLR 4 5 7 , 4 7 0 - 1 .
e.g. Koh Kim Chat v. Asia Commercial Banking Corporation Ltd. [ 1984) I W L R 8 5 0 (PC).
Sec also.s. 1; Bills of Exchange Act 1882, ss. 60, 80,81 A.
practical matter from voluntarily repaying its own depositors. (Under section 29 of
the UK Financial Services and Markets Act 2000 (FSMA 2000), those depositing
moneys with the 'bank' may be able to recover them as a matter of law.)
No more will be said in this book about the common law definitions of banks. The
crucial issue these days is how banks are defined in statutory law.
STATUTORY D E F I N I T I O N S
Internationally, statutory definitions of banks and banking take different forms. At
one end of the spectrum is the approach which defines as a bank any body recognized
as such by a governmental authority. In the absence of any indication of the criteria
required for such recognition, this approach confers too great a discretion on the
state. Falling somewhere along the spectrum is a second approach, which lists
the activities which banking encompasses. The German Banking Act adopts the
list approach. There are difficulties. First it must be made clear which activities on
the list, if not all, a body must perform to be treated as a bank. Moreover, the law must
specify whether banks are confined only to these, and incidental, activities—it will not
always be an easy issue which activities are incidental—or whether they have a free
rein. More fundamentally, the list approach will soon become dated as the business of
banking changes, so that there must be a mechanism for its constant updating.
At the other end of the spectrum is the formulary approach: banking is defined in
terms of a few, generalized characteristics. Again there are problems. As with the list
approach, can banks go beyond the activities specified in the formula? What are the
essential features of the formula—deposit taking from the public coupled with granting credits for its own account (the EC approach); or some other approach, such as
deposit-taking, granting credits, and the ability to make payments to third parties on
behalf of customers? Moreover, since the formulary approach is by nature allencompassing, how is it to be confined? Specific exemptions will be needed to exclude
what will otherwise be caught.
Whether the list or formulary approach is adopted, it is clear that bodies may act
like banks yet not be categorized in law as banks. If taking deposits from the public is
defined as the essential ingredient of banking then the finance house able to fund
itself from the wholesale markets, or the co-operative taking deposits from within its
membership, would probably not be caught. If banking means deposit taking coupled
with making loans, an investment fund will be able to avoid classification as a bank by
using its moneys to purchase short-term government paper or other money market
instruments. Economists sometimes refer to such bodies as 'non-bank banks' or
'non-bank financial intermediaries'. That they may escape the banking net is not
necessarily a bad thing—it depends on whether this thwarts the legislative aims.
C. T H E UK APPROACH
No longer does the UK use the term banking as an authorizable activity, although it
slips back into the details of the regulatory regime. In broad terms section 19 of the
Financial Services and Markets Act 2000 (FSMA 2000) provides that no person may
carry on (or purport to carry on) a regulated activity in the UK unless authorized
or exempt. This is known as the general prohibition. Regulated activities are set out
in Schedule 2, and what this book describes as core banking is there in terms of
accepting deposits and home mortgage lending. Home mortgage lending is nothing
more than lending (dealt with in Chapter 11) on security (dealt with in Chapter
15), although there are special controls over its marketing because of its importance
to ordinary people and their potential vulnerability in undertaking what for most
will be the largest financial commitment of their lives. Also listed as regulated
activity are a range of investment banking activities, which are mentioned throughout the book but notably in Chapter 12. Breach of the prohibition attracts criminal
penalties, although it should be noted that this does not affect the liability of the
deposit-taker to repay any deposit. Finally, it is well to note here that an authorized person cannot be in breach of the general prohibition, even if its permission
does not include the particular regulated activity. Such behaviour is dealt with as a
regulatory, rather than a criminal, breach. In using the concept of accepting
deposits, the legislation conflates two aims. One is the aim of preventing ordinary
consumers from being fleeced by fly by night operators, taking money deposits for
'investment'. Even though they may call themselves bankers, such persons have
nothing to do with banking. The other aim is to define those bodies which will be
subject to the regulatory regime for banks set out in FSMA 2000, which is a much
wider remit.
The first aim—consumer protection—took form in the Protection of Depositors
Act 1963. In the present legislation, FSMA 2000, it involves the general prohibition on
unauthorized deposit taking, breaching the detailed provisions on financial
promotion, and false claims to be authorized or exempt. Injunctions can be obtained
under section 380 of the FSMA 2000 against persons contravening these provisions,
and restitution orders made under section 382. There is little overlap between
unauthorized deposit-taking and banking; indeed, banks were exempted from the full
impact of the 1963 Act. Yet when the first overall statutory regime for bank regulation
in the United Kingdom was introduced by the Banking Act 1979, the concept of
deposit-taking in the 1963 Act was simply incorporated as its crux. This was despite
the fact that an EC definition of credit institutions (banks) for bank regulatory
purposes—deposit-taking from the public coupled with granting credits for its own
In December 2001 the government announced that the Financial Services Authority would have
responsibility for regulating the selling of home mortgages: see HM Treasury, Regulating Mortgages. Consultation Document, February 2002. Sec also European Commission Recommendation on Prc-Contractual
Information to be given lo consumers by lenders offering home loans, COM (2001) 477, [2001] OJ L69/25.
§1(1) respectively.
66ff. below.
FSMA 2000, ss. 23, 2 6 ( 4 ) . See also s. 29 (court may order immediate repayment even if time deposit).
account—had already been adopted in the First EC Banking Directive of 1977. Both
approaches now coexist, side by side, in the UK provisions implementing the EC
Credit Institutions Directive.
As it stands, deposit-taking, to be caught by FSMA 2000, must be by way of
business. Deposit is defined as a sum of money paid on terms under which it will be
repaid, with or without interest or a premium, and either on demand or at a time or in
circumstances agreed. However, it does not include money paid which is referable to
the provision of property or services or the giving of security. Examples of these
exceptions include advance payments for goods and services, deposits payable in
relation to the purchase of land, and moneys payable by way of security for the
performance of a contract. Because of its width, the meaning of 'deposit* is further
confined by excluding matters such as loans by banks and others in the lending
business, inter-company loans, and loans between relatives. Among the deposits
exempted by regulations from the scope of the Act are payments for short-term debt
instruments issued by corporate borrowers. Moreover, the money received by
way of deposit must be lent to others, or any other of the body's activities must be
financed out of money so received.
the public, but do, as their principal activity, lend or carry on any of the activities
mentioned in the Annex. The term also includes those undertakings other than
credit institutions which are the holding companies of a financial group—at least one
credit institution and other financial institutions—called financial holding companies.
For the purposes of this book the EC definition is adopted—public deposit-taking
and granting credits on its own account—when it is necessary to refer to banking in a
general way. Intimately connected with these activities is providing customers with
payment services. For convenience these activities together are termed 'core banking',
as distinct from the many other activities and services in which banks are now involved.
II. BANKING S T R U C T U R E S
The statutory definition has an extraterritorial application, in that, although
acceptance of the deposit must be in the United Kingdom, the deposit taking business
can be based abroad. Thus the representative offices of non-EU banks would be
in breach of the Act if they took deposits in the United Kingdom. A foreign bank
which lends money commercially in the jurisdiction but does not t