The February 2020 issue of Butterworths Journal of International Banking and Financial Law, published 11 February, carries two articles by Paul Marshall:
- Facing the end of LIBOR Addendum: a "Cost of Funds" Fallback (2020) 2 JIBFL 84 - a follow-on piece written by Paul and Hanif Virji from an article Paul wrote with Hanif Virji and Arif Merali (VIvadum Ltd) that was published in the December 2019 issue of JIBFL: Facing the end of LIBOR: the financial and legal implications (2019) 11 JIBFL 715 that addresses the forthcoming abolition of the LIBOR index in 2021. The Addendum covers the unsatisfactory nature of bank "cost of funds" fallback provisions of the kind proposed by the Loan Markets Association (and others) as intended/draft force majeure clauses.
- UK inflation indexation and the end of RPI: some financial and legal considerations (2020) 2 JIBFL 86. The article by Paul, Hanif Virji and Arif Merali considers the forthcoming change of inflation indexation from the RPI, that is widely acknowledged to be not fit for purpose, and the mechanism for replacing it. The mechanism gives rise to significant contractual issues. RPI is still the inflation index for many products such as RPI-indexed securities, swaps and derivatives and also many private-sector pension schemes. The consultation by the government and the UKSA starts next month in March 2020 and will continue to April. The impact of the change is likely to be immense.
This is a remarkable achievement by Paul. The Editor has not previously published an individual author twice in the same issue and has done so on the basis of the importance and topicality of the subjects of these articles.
Copies of the articles may be obtained from the publisher or upon request: Elliotl@cornerstonebarristers.com.