Hammersmith and Fulham swaps
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 ...
legal risk
In a financial transaction, the possibility of adverse impacts flowing from the legal or regulatory system.
quasi-public company
A profit-making company which is owned by the state or by a state agency. It therefore has some attributes of a sovereign entity. The exact degree of support, however, needs ...
ultra vires (Latin: beyond the powers) Reference library
The Handbook of International Financial Terms
Literally, outside authority. Term used for actions or contracts made by individuals, officials, and corporations for which there is no
Whoops
(USA).The large-scale municipal bond default that occurred when the underlying contractual arrangements, and hence bond security, were declared invalid (cf. ultra vires).
