Update – Waterfall II Application (the “Application”) – Further Agreed Position – 6 February 2015

On 4 February 2015, the LBIE Administrators posted an update identifying certain issues in the Application on which all parties are agreed and on which, further to their previous indications, the LBIE Administrators intend to seek directions on that agreed basis. That update can be found here.

Following further consideration, in respect of Issue 29 it appears to be agreed that no non-provable claim against LBIE arises where the total amount of interest received by a creditor applying the Judgments Act Rate on a sterling admitted claim, when converted into the relevant foreign currency on the date of payment, is less than the amount of interest which would accrue applying the Judgments Act Rate to the original foreign currency claim, unless a creditor is, apart from the administration, entitled to interest in a foreign currency on its claim at the Judgments Act Rate.

Any creditor which disagrees with the above position agreed between the parties to the Application should contact the LBIE Administrators at unsecuredcreditors@lbia-eu.com by no later than Friday 13 February 2015.