Westdeutsche Landesbank Girozentrale v Islington London Borough Council: CA 30 Dec 1993

A bank paid money to a local authority under an interest rate swap agreement, which was held later to be outside the local authority’s powers.
Held: The local authority was to repay the money paid to it for an ultra vires purpose (a swap transaction) with compound interest. It was repayable under the equitable principle of restitution.
Gazette 23-Feb-1994, Independent 05-Jan-1994, Times 30-Dec-1993, [1994] 4 All ER 890, [1994] 1 WLR 938
England and Wales
Citing:

Cited by:

  • Appeal from – Westdeutsche Landesbank Girozentrale v Islington London Borough Council HL 22-May-1996
    Simple interest only on rate swap damages
    The bank had paid money to the local authority under a contract which turned out to be ultra vires and void. The question was whether, in addition to ordering the repayment of the money to the bank on unjust enrichment principles, the court could . .
    Times 30-May-96, [1996] 2 All ER 961, [1996] AC 669, [1996] UKHL 12, [1996] 2 WLR 802, [1996] 5 Bank LR 341
  • Cited – Stretch v West Dorset District Council CA 10-Nov-1997
    A local authority has no ability to grant an option to renew a lease, even though it has the power to grant a lease and would benefit from the wrongful grant. The land was held for an express statutory purpose and was not ‘corporate land’ within the . .
    Gazette 03-Dec-97, Times 27-Nov-97, [1997] EWCA Civ 2692, (1998) 77 PandCR 342
  • Cited – Wilson v Secretary of State for Trade and Industry; Wilson v First County Trust Ltd (No 2) HL 10-Jul-2003
    The respondent appealed against a finding that the provision which made a loan agreement completely invalid for lack of compliance with the 1974 Act was itself invalid under the Human Rights Act since it deprived the respondent of its property . .
    Gazette 18-Sep-03, Times 11-Jul-03, [2003] UKHL 40, [2003] 3 WLR 568, [2004] 1 AC 816, [2003] 2 All ER (Comm) 491, [2003] HRLR 33, [2003] UKHRR 1085, [2003] 4 All ER 97

These lists may be incomplete.
Updated: 08 December 2020; Ref: scu.90408