Ulster Bank Limited and National Westminster Bank plc
| Jurisdiction | Northern Ireland |
| Judge | McFarland J |
| Judgment Date | 07 April 2021 |
| Neutral Citation | [2021] NIQB 38 |
| Court | Queen's Bench Division (Northern Ireland) |
| Date | 07 April 2021 |
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Neutral Citation No: [2021] NIQB 38
Judgment: approved by the Court for handing down
(subject to editorial corrections)*
Ref: McF11465
ICOS No: 20/071145
Delivered: 07/04/2021
IN THE HIGH COURT OF JUSTICE IN NORTHERN IRELAND
___________
QUEEN’S BENCH DIVISION
COMMERCIAL HUB
____________
ULSTER BANK LIMITED
Transferor
-and-
NATIONAL WESTMINSTER BANK plc
Transferee
____________
IN THE MATTER OF AN APPLICATION UNDER PART VII OF THE
FINANCIAL SERVICES AND MARKETS ACT 2000
____________
Martin Moore QC and Peter Hopkins BL (instructed by Pinsent Masons solicitors) for the
transferor and transferee
____________
McFARLAND J
Introduction
[1] This is an application under Part VII of the Financial Services and Markets Act
2000 (as amended) (“FSMA”) by Ulster Bank Limited for the court’s sanction for a
proposed transfer of its banking business to National Westminster Bank plc.
Statutory Provisions
[2] The relevant sections of, and Schedule to, FSMA and regulations made under
FSMA, are set out below. The amended legislation now refers to PRA and FCA.
‘PRA’ is the Prudential Regulation Authority which is an arm of the Bank of England
responsible for the regulation and supervision of banks, building societies, credit
unions, insurers and major investment firms in the United Kingdom. ‘FCA’ is the
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Financial Conduct Authority which is the conduct regulator for financial services
firms and financial markets in the UK and also operates as a prudential supervisor
for financial services firms. The PRA and FCA were both created in 2013 by the
Financial Services Act 2012 and replaced the Financial Services Authority. For
convenience I will also use these abbreviations.
(a) Section 106 of FSMA –
(1) A scheme is a banking business transfer scheme if it—
(a) satisfies one of the conditions set out in subsection (2);
(b) is one under which the whole or part of the business to
be transferred includes the accepting of deposits; and
(c) is not an excluded scheme or a ring-fencing transfer
scheme.
(2) The conditions are that—
(a) the whole or part of the business carried on by a UK
authorised person who has permission to accept deposits
(“the transferor concerned”) is to be transferred to
another body (“the transferee”);
(b) …
(3) …
(4) For the purposes of subsection (2)(a) it is immaterial
whether or not the business to be transferred is carried on in the
United Kingdom.
(5) “UK authorised person” has the same meaning as in
section 105.
(6) …
(7) …
(b) Section 107 -
(1) An application may be made to the court for an order
sanctioning … a banking business transfer scheme ...
(2) An application may be made by—
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