There have been many developments in the sphere of banking and financial law since the first edition of this book appeared towards the end of 2010. Although the economic environment has improved since that time, the financial crisis continues to cast a long shadow.
There has been significant legislative activity, both within the UK and at the EU level, in the spheres of bank resolution and restructuring. The collapse of Lehman Brothers and the Icelandic banks have generated a certain volume of litigation that sheds some light on the complexities of cross-border banking insolvency. In a more positive light, much work has also been undertaken in an effort to avoid a similar crisis in the future; official mandates have been re-written and new institutions have been established with a view to achieving that objective.
Stresses within the Eurozone for a time gave rise to a fear that Greece might be compelled to withdraw from the single currency. It must be hoped that matters will not reach that point again, but it seemed appropriate to record the legal consequences of such a withdrawal for banking relationships. A new Chapter 40 has been inserted for that purpose.
Whilst the text has been extensively re-written to deal with these and many other developments, the work generally retains its original structure and is arranged as follows:
(c) Part (F) deals with a variety of cross-border issues, including the implications of worldwide foreign orders, disclosure orders and economic sanctions; and
(d) Part (G) examines a range of legal issues arising from the use of Shariah-compliant products, and some of the case law that has arisen in this area.
As is my now unfailing custom, this book appears somewhat later than originally planned. I must thank the OUP team—including in particular Rachel Mullaly and Eleanor Reedy—for their patient and resigned acceptance of this situation.
My most grateful thanks go to Wendy, Emma, and Chas. In their different ways and for different reasons, they have each put up with the burdens that I have so unfairly imposed upon them.
This work was completed by reference to the materials available to me on 30 September 2014. The views expressed in the text are mine alone; responsibility for any errors, omissions, or infelicities likewise rests at my door.