These terms are in addition to “Part A - the General Terms of Business in respect of our banking services”. In the event of any conflict between this Part B, and Part A, the terms of this Part B shall prevail.
1. Variations to Part A - the “General Terms of Business in respect of our banking services”.
a) The Definitions in clause 1 of Part A identified below shall be amended as follows:
b) The following additional definitions shall apply: -
c) The clauses in Part A identified below shall be amended as follows: -
2. Capital Treasury Account (CTA)
a) The CTA is designed for clients who anticipate a need to make or receive payments the value of which would exceed the Deposit Limit (as referred to in 2.1 e) in Part A). It is a pre-condition of opening a CTA that you also open an EFA – see section 3 below.
b) Whilst there is no intraday limit to the amount of funds you may hold in your CTAs, in order to manage our liquidity in accordance with our regulatory requirements you understand and agree:
c) It is your responsibility to monitor your account balances and it is your responsibility to transfer out such amount as is required to ensure the balances stand at zero at the cut off time. Such transfer as may be required can be made either: -
d) If you do not reduce your CTA to zero by the cut off time, in accordance with the CTA Mandate which you have granted to us, we will transfer such amount as is necessary to your EFA maintained with a Recipient Bank or Banks in order to bring your CTA balances to zero.
e) It is your responsibility to transfer funds from your EFA to the CTA for the purposes of outward payments or foreign currency transactions. In the event that outward payments have not been processed immediately prior to the cut-off, 2 c) and d) of this Part B will apply to the CTA balance.
f) Prior to the cut-off each day you will also be able to transfer funds
provided that 2 c) and d) of this Part B will apply.
In the event of inward payments received after the cut-off time, we reserve the right to revalue such payments to the next available value date.
g) Any transaction costs or charges incurred in connection with transactional activity will be levied in the transaction currency and applied to the currency account from which the transaction was initiated on the day that they are incurred.
h) Interest, where applicable, will be calculated daily at our prevailing published rates and will be applied on the last Business Day of each month.
3. Excess Fiduciary Accounts (EFA)
a) It is a precondition of these EFAs that you have first opened a CTA.
b) EFAs are fiduciary deposit accounts designed to permit us to place your funds at our discretion with one or more Recipient Banks. The aim is to reduce your exposure to us and your risk in each EFA will be to the Recipient Bank(s) only. The EFA provides daily access to funds without the need to give advance notice for any transfers to CTA accounts (in line with published cut off times which please note are earlier in the day than standard cut off times for CCAs). No near cash instruments will be used in the exercise of this discretion.
c) Whilst there is no limit to the amount of funds you may hold we reserve the right to pass any charges raised by Recipient Banks should the balances held at the year-end exceed the average balance maintained.
d) Further details of the accounts and specific terms which apply to them from time to time including any fees to be charged together with a list of Recipient Banks are to be found in our Product Schedules which are available on the Website and may be amended by us from time to time.
e) The Recipient Banks are not entitled to combine a fiduciary deposit account with any other account of ours or to exercise any right of set-off or counterclaim against funds in that account in respect of any debt owed by us to the Recipient Bank.
f) The fiduciary deposits are placed with the Recipient Banks in our name (as agent). Fiduciary deposits are not held on our balance sheet; they are held as a deposit through us and are placed at your sole risk with the Recipient Bank(s).
g) In particular: -
h) By opening an EFA and agreeing to these Terms of Business full authority to place your funds at our absolute discretion with the Recipient Banks.
i) Your funds may be pooled with funds of other EFA clients in the same deposit held with the Recipient Banks.
j) In the event of default by a Recipient Bank all EFA clients assume their pro rata portion of credit risk and liquidity risk to the Recipient Bank.
k) Under the terms of the fiduciary deposit account products, we will not reimburse you for any losses due to a credit default of Recipient Banks or provide liquidity in the event a Recipient Bank defaults on liquidity.
l) The fiduciary deposits are segregated from all the other funds that we hold. In the event that we are unable to repay our clients that hold deposits directly with us, and providing there is no credit or liquidity default by the Correspondent Banks, the Excess Fiduciary Deposits will be returned to the EFA clients pro rata their portion of the total account.
These terms are in addition to “Part A - the General Terms of Business in respect of our banking services” and “Part B – Capital Treasury Account (CTA) and Excess Fiduciary Account (EFA)”. In the event of any conflict between this Part C, and Parts A and B, the terms of this Part C shall prevail.
It is a precondition of these CFA accounts that you have first opened a CTA and an EFA.
a) The CFAs are fiduciary deposit accounts and are designed to permit us to place your funds with a number of recipient banks in a pool of banks or financial institutions with whom we generally do business and which may or may not be located in the Isle of Man (“Recipient Banks”). The aim is to reduce your exposure to us and may (but is not guaranteed to) achieve diversification of risk for you. No near cash instruments will be used in the exercise of this discretion.
b) The term ‘Fiduciary Deposit’ covers all variants of the CFA; full details of the accounts and specific terms which apply to them from time to time including any fees to be charged together with a list of Recipient Banks are to be found in our Product Schedules which are available on the Website and may be amended by us from time to time.
c) The Recipient Bank is not entitled to combine a fiduciary deposit account with any other account of ours or to exercise any right of set-off or counterclaim against funds in that account in respect of any debt owed by us to the Recipient Bank.
d) The Fiduciary Deposits are placed with Recipient Banks in our name (as agent). Fiduciary Deposits are not on held our balance sheet; they are held as a deposit through us and are placed at your sole risk with the Recipient Bank(s).
e) The following terms apply to all CFAs: -
f) By opening a CFA and in agreeing to these Terms of Business you give us full authority on a discretionary basis to utilise any of the Recipient Banks for this purpose.
g) Your funds may be pooled with funds of other CFA clients in the same deposit held with the Recipient Bank. All clients for each CFA Deposit Type are allocated the same pro rata exposure to each counterparty being used to manage client funds of that deposit type, as their pro rata holding of funds in that deposit type. This results in all clients, for each CFA deposit type, having the same level of counterparty diversification at any point in time.
h) In the event of a Recipient Bank default, that portion of the CFA pool of funds will be segregated from the remaining CFA Recipient Bank funds, with all CFA depositors of the relevant CFA deposit types affected retaining the same proportion of these funds as they did just before the event of default. This is to ensure all CFA clients (by CFA deposit type) assume their pro rata portion of credit risk and liquidity risk to each Recipient Bank.
i) Under the terms of the fiduciary deposit account products, we will not reimburse you for any losses due to a credit default of Recipient Banks or provide liquidity in the event a Recipient Bank defaults on liquidity.
j) The Fiduciary Deposits are segregated from all the other funds that we hold. In the event that we are unable to repay our clients that hold deposits directly with us, and providing there is no credit or liquidity default by the Recipient Banks, the Fiduciary Deposits will be returned to the CFA clients pro rata in accordance with the respective terms of each Fiduciary Deposit account.
These terms are in addition to Part A - the “General Terms of Business in respect of our banking services”, “Part B – Capital Treasury Account (CTA) and Excess Fiduciary Account (EFA)s” and “Part C – Capital Fiduciary Accounts (CFAs)”. In the event of any conflict between this Part D, and Parts A, B and C, the terms of this Part D shall prevail.
It is a precondition of these accounts that you have first opened a CTA and an EFA.
a) The BFAs are fixed term fiduciary deposit accounts and are designed to permit us to place your funds with a recipient bank of your choice from a pool of banks or financial institutions with whom we generally do business, and which may or may not be located in the Isle of Man (“Recipient Banks”). The aim is to reduce your exposure to us and may (but is not guaranteed to) achieve diversification of risk for you. No near cash instruments will be used in the exercise of this discretion.
b) The term ‘Fiduciary Deposit’ covers all variants of the BFA; full details of each account and specific terms which apply to them from time to time including any commission to be charged and the identity of the chosen Recipient Bank is to be found in the contract note issued by us at the time. A list of Recipient Banks is to be found in our Product Schedules which are available on the Website and may be amended by us from time to time.
c) The Recipient Bank is not entitled to combine a fiduciary deposit account with any other account of ours or to exercise any right of set-off or counterclaim against funds in that account in respect of any debt owed by us to the Recipient Bank.
d) The Fiduciary Deposits are placed with Recipient Banks in our name (as agent). Fiduciary Deposits are not held on our balance sheet; they are held as a deposit through us and are placed at your sole risk with the Recipient Bank.
e). The following terms apply to all BFAs: -
f) By opening a BFA with us you acknowledge our role is limited to acting on your instructions to place a deposit and receiving and distributing the proceeds of that deposit on maturity.
We will not make any personal recommendations to you about deposits or advise you of any other tax, legal, regulatory or other jurisdictional risks which may affect the deposits or the accounts in which they are held.
g) Under the terms of the fiduciary deposit account products, we will not reimburse you for any losses due to a credit default of Recipient Banks or provide liquidity in the event a Recipient Bank defaults on liquidity.
h) If your chosen Recipient Bank does not fulfil its commitments either in whole or in part (for example due to transfer restrictions or foreign exchange controls imposed in its own country or in the country of the chosen currency) we shall be obligated solely to assign to you the claims against your chosen Recipient Bank that have not already been transferred in any other way and we shall not be bound by any other obligations.
i) The Fiduciary Deposits are segregated from all the other funds that we hold. In the event that we are unable to repay our clients that hold deposits directly with us and providing there is no credit or liquidity default by the Recipient Banks, the Bespoke Fiduciary Deposits will be returned to you in accordance with the respective terms of each BFA.
These terms are in addition to “Part A - the General Terms of Business in respect of our banking services”and “Part B – Capital Treasury Account (CTA) and Excess Fiduciary Account (EFA) terms”. In the event of any conflict between this Part E, and Part A, the terms of this Part E shall prevail.
1. Capital Term Deposit (CTD)
a) It is a precondition of these CTDs that you have first opened a CTA.
b) CTDs are designed to lock your funds away for an agreed period in return for a fixed rate of interest during that period.
c) The minimum and maximum amounts that can be requested/placed together with specific terms which apply from time to time are to be found in our Product Schedules which are available on the Website and may be amended by us from time to time.
d) The CTDs are on the balance sheet of Capital International Bank Limited and have no protection under any Depositor Compensation Scheme.
e) In particular: -
