Hammersmith and Fulham swaps

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Certain interest-rate swaps entered into by the London borough of Hammersmith and Fulham in the 1980s in order to avoid rate-capping by central government. In 1992 the swaps were declared ultra vires by the House of Lords, which ruled that the council was not required to reply the huge sums it had lost because it had no authority to enter into such contracts in the first place. The ruling affected similar swaps entered into by over 100 other councils and cost City institutions some £750 M.

Subjects: Financial Institutions and Services.

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