Representation of Lloyds Bank (International Services) Limited and Anor [2022] JRC 199 (27 September 2022)

Representation of Lloyds Bank (International Services) Limited and Anor [2022] JRC 199 (27 September 2022)

The scheme was sanctioned because statutory requirements were met, the independent auditor and regulator raised no objections, no customers objected, and the scheme achieves a reasonable commercial objective without materially adversely affecting depositors.

Citation
[2022] JRC 199
Parties
Transferor: Lloyds Bank (International Services) Limited; Transferee: Lloyds Bank Corporate Markets Plc (Jersey Branch)
Jurisdiction
Jersey
Judgment Date
27 September 2022
Procedural Posture
Banking Business Transfer Scheme / Sanction of Scheme by Court
Outcome
scheme sanctioned
Legal Topics
Business Transfer Scheme, Capital Adequacy, Creditor Hierarchy, Regulatory Compliance
Banking Law Financial Regulation Business Transfer Scheme Capital Adequacy Creditor Hierarchy Regulatory Compliance

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Parties

Lloyds Bank (International Services) Limited

Transferor

Lloyds Bank Corporate Markets Plc (Jersey Branch)

Transferee

Procedural Posture

Banking Business Transfer Scheme / Sanction of Scheme by Court

Legal Issues

  1. 1 Whether the scheme for transfer of deposit-taking business from Lloyds International to Lloyds Corporate Jersey Branch should be sanctioned under Article 48D of the Banking Business (Jersey) Law 1991
  2. 2 Whether the scheme adversely affects depositors or other stakeholders

Ratio Decidendi

The scheme was sanctioned because statutory requirements were met, the independent auditor and regulator raised no objections, no customers objected, and the scheme achieves a reasonable commercial objective without materially adversely affecting depositors.

Court Disposition

scheme sanctioned

Orders

  • The scheme for transfer of deposit-taking business from Lloyds International to Lloyds Corporate Jersey Branch is sanctioned.