Clydesdale Bank has come under pressure to widen its sales review of interest rate hedging products after a Government minister said the bank had agreed to include a Scottish small business's fixed rate loan in the review.
Clydesdale Bank has come under pressure to widen its sales review of interest rate hedging products after a Government minister said the bank had agreed to include a Scottish small business's fixed rate loan in the review.
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SIMON BAIN
The Clydesdale and Yorkshire banks have so far set their face against reviewing its 'fixed rate tailored business loans' (TBL), arguing they are pure loans that fall outside Financial Services Authority regulation.
Derivatives experts, however, have produced reports for several borrowers detailing how the fixed rate TBL contains an "embedded swap", with the same variable breakage fees that characterise interest rate swap agreements (IRSAs).
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