Representation of Butterfield Bank (Jersey) Limited and Butterfield Bank (Guernsey) Limited [2024] JRC 157 (12 July 2024)

Representation of Butterfield Bank (Jersey) Limited and Butterfield Bank (Guernsey) Limited [2024] JRC 157 (12 July 2024)

The scheme was sanctioned because all statutory and procedural requirements were met, the independent auditor raised no concerns, the regulator did not object, no customers or members objected, and the scheme was designed to achieve a reasonable commercial objective without adversely affecting customers or members.

Citation
[2024] JRC 157
Parties
First Representor: BBJL; Second Representor: BBGL
Jurisdiction
Jersey
Judgment Date
12 July 2024
Procedural Posture
Scheme Sanction Application / Final Judgment
Outcome
Scheme sanctioned
Legal Topics
Business Transfer, Scheme Sanction, Regulatory Compliance, Capital Adequacy, Customer Protection
Banking Financial Services Corporate Law Business Transfer Scheme Sanction Regulatory Compliance Capital Adequacy Customer Protection

Case Brief

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Parties

BBJL

First Representor

BBGL

Second Representor

Procedural Posture

Scheme Sanction Application / Final Judgment

Legal Issues

  1. 1 Whether the scheme for transfer of banking business should be sanctioned under Article 48D of the Banking Business (Jersey) Law 1991
  2. 2 Whether the procedural and substantive requirements of the statutory regime have been complied with
  3. 3 Whether customers or other interested persons would be adversely affected by the scheme

Ratio Decidendi

The scheme was sanctioned because all statutory and procedural requirements were met, the independent auditor raised no concerns, the regulator did not object, no customers or members objected, and the scheme was designed to achieve a reasonable commercial objective without adversely affecting customers or members.

Court Disposition

Scheme sanctioned

Orders

  • Order sanctioning the scheme transferring BBJL's business to BBGL Jersey Branch in the terms sought by the Representors