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European Union

On July 1 1997, the EU made a fresh offer to the World Trade Organization (WTO) in the course of the current talks aimed at liberalizing financial services worldwide. The new offer increases the scope of the previous offer, which included, among other things, free access (on a most-favoured-nation basis) for foreign institutions to the EU's internal market in financial services, and the right to establish branches.

July 31 1997

Divisible fixed charge confirmed in Australia

A recent case in New South Wales seems to have resolved the doubts surrounding the creation of fixed charges over receivables raised by Royal Trust Bank. By John Stumbles and Scott Farrell of Mallesons Stephen Jaques, Sydney

July 31 1997

Czech Republic

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.

July 31 1997

Cyprus

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.

July 31 1997

A passion for banking

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

July 31 1997

Recapitalization of Exide Europe

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.

July 31 1997

UK plans new Super-SIB

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

July 31 1997

First internationally syndicated secured public utility financing

Saudi Consolidated Electricity Company in the eastern province of Saudi Arabia (SCECO-East) has borrowed up to US$500 million to finance part of the cost of construction of Ghazlan II, a 2400MW power plant. This is the first internationally syndicated secured financing for a Saudi Arabian public utility. Gulf International Bank acted as agent and security agent.

July 31 1997

PacifiCorp acquires The Energy Group

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.

July 31 1997

Compaq buys Tandem

Compaq Computer is acquiring Tandem Computers for about US$3 billion in stock. Tandem is best known for its fault-tolerant computer systems, and the merged company will be the world's largest supplier of computers based on the Intel chip and Microsoft software.

July 31 1997

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