Search results for

As of May 8 1997, data protection rules have been in force under the provisions of Law No. 675 of December 31 1996 which enacted EU Directive No. 9 of March 11 1996. Varying levels of protection for personal data are contemplated and the Authority responsible recently criticized Banca Nazionale del Lavoro (BNL) because the forms used by BNL to obtain customers' consent breached the provisions of Law 675. The Authority considered BNL's forms too vague and general and in its opinion the bank's customers would be unlikely to be clear about how and for what purposes their personal data was being collated. The Authority invited BNL to modify the forms sent to customers particularly in view of the fact that refusal by customers to give BNL their consent would have meant the automatic termination of their contractual relationship with BNL and the immediate suspension by the bank of all transactions.

Netting in securities and currency trading

In May 1997 the Czech financial markets were plunged into an unprecedented crisis when a wave of speculative selling triggered severe currency turbulence. The Czech National Bank spent millions of dollars propping up the Czech koruna against attacks by both foreign and domestic investors.

In June the new Banking Law of Cyprus was passed by the House of Representatives. Its main aim is to harmonize the island's legislation with that of the EU, to regulate the banking system and give protection to depositors.

Jean-Pierre Mattout, general counsel of Banque Paribas, Paris, talks to Samantha Wigham

Battery manufacturer Exide Europe has recapitalized its existing debt through a Ffr1.718 billion (US$287 million) syndicated loan, a US$175 million receivables securitization and a Dm175 million (US$99 million) high-yield bond. The proceeds will be used to pay down existing bank debt and to fund the acquisition of German battery manufacturer Deta. Bankers Trust acted as lead arranger, agent and security agent for the 33-member syndicate in connection with the French franc loan.

Consultation on the restructuring of the UK’s financial services regulatory system offers a golden opportunity for the industry to make sure parliament gets it right. By Tim Herrington and George Staple, Clifford Chance, London

UK venture capital house Cinven is acquiring the private hospital and healthcare businesses of French conglomerate Générale des Eaux for £1.1 billion (US$1.7 billion) in the biggest-ever UK management buy-out. As a result, Cinven will own the largest private healthcare providers in the UK and France. Cinven's investment clients and ABN Amro funds are providing equity finance.

Jiangxi Copper Company has become the second Chinese state-owned enterprise to list in both Hong Kong and London, after the dual listing of Datang Power in May. The flotation raised HK$1512.7 million (US$195 million).

US utilities group PacifiCorp is offering to buy all outstanding common shares of the UK's Energy Group for about US$5.8 billion. PacifiCorp will also assume US$3.8 billion of The Energy Group's debt. This is the largest transaction in the UK utility industry and is an example of the growing tendency among US utilities companies to invest in the deregulating UK market.