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 ...
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).
