Representation of Abbey National international Limited [2015] JRC 138 (25 June 2015)

Representation of Abbey National international Limited [2015] JRC 138 (25 June 2015)

The court sanctioned the scheme because statutory requirements were met, no party was shown to be adversely affected, objections were minimal and addressed, the regulator supported the scheme, and the scheme was fair as a whole.

Citation
[2015] JRC 138
Parties
Representor: Abbey National International Limited; Transferee: Santander UK plc (acting through its Jersey Branch); Regulator: Jersey Financial Services Commission
Jurisdiction
Jersey
Judgment Date
25 June 2015
Procedural Posture
Scheme of Transfer Sanction Application / Final Sanction Hearing
Outcome
scheme sanctioned
Legal Topics
Business Transfer, Deposit Taking Business, Court Sanction of Schemes, Customer Protection, Regulatory Compliance
Banking Law Company Law Business Transfer Deposit Taking Business Court Sanction of Schemes Customer Protection Regulatory Compliance

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Parties

Abbey National International Limited

Representor

Santander UK plc (acting through its Jersey Branch)

Transferee

Jersey Financial Services Commission

Regulator

Procedural Posture

Scheme of Transfer Sanction Application / Final Sanction Hearing

Legal Issues

  1. 1 Whether the court should sanction the scheme of transfer of deposit-taking business from ANIL to Santander UK (Jersey Branch) under the Banking Business (Jersey) Law 1991
  2. 2 Whether the requirements of the Schedule to the Banking Law have been satisfied
  3. 3 Whether any interested party would be adversely affected by the scheme

Ratio Decidendi

The court sanctioned the scheme because statutory requirements were met, no party was shown to be adversely affected, objections were minimal and addressed, the regulator supported the scheme, and the scheme was fair as a whole.

Court Disposition

scheme sanctioned

Orders

  • The scheme of transfer is sanctioned pursuant to Article 48D and the Schedule to the Banking Business (Jersey) Law 1991.