|
|
 |
Print Friendly 
|
TERMS & CONDITIONS
For the Dual Performer 05
|
|
Terms and Conditions for the Dual Performer 05
These Terms and Conditions form part of the Dual Performer 05 agreement made between the Customer and the Bank (as both are defined below). Please read them carefully. For any queries, Customer must contact his/her account holding branch.
1. Definitions
1.1 “18 month Deposit Period” in relation to the 18 month Deposit, is an 18 month period commencing on, and including its Start Date and ending on its Maturity Date.
1.2 “18 month Deposit” is a fixed deposit account (fixed for 18 months). Its amount is equal to 50% of the Initial Deposit. The interest for the entire period is 10.5% Gross (6.88% AER) and it will be paid on the Maturity Date according to clause 9.1.
1.3 “AER” stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
1.4 “Bank” means Laiki Bank (UK) with which the deposit is made and extends to any subsidiary or holding company of the Bank to which it may in its discretion assign the whole or any part of its obligations or rights under the account and also its successors.
1.5 “Business Day” means Monday to Friday excluding bank and other public holidays in the United Kingdom as well as any day on which the majority of the Bank¢s branch network is not open for business.
1.6 “Customer” is the person or persons who has/have Dual Performer 05 accounts and extends to the Customer¢s successors and assignees. Where there are two or more persons comprised in the expression “the Customer” (persons to include individuals, associations, companies and the partners of a named partnership):
i. Reference to the Customer shall be deemed to refer to each such person individually;
ii. Any act or omission of one shall be deemed the act or omission of them all;
iii. They shall be jointly and severally liable to the Bank for the obligations of the Customer under these Terms & Conditions;
iv. Any communication required to be made to the Customer may be posted to the address last known to the Bank of any one or more of such person and who shall be deemed to have received it 48 hours later;
v. Any notice to be served on the Customer under these Terms and Conditions shall be validly served if served on any one of them;
vi. Any instructions relating to Dual Performer 05 will be acted upon if given by any of them. Where a partnership is comprised in the expression “the Customer” this expression shall include the person or persons from time to time carrying on the business of that partnership.
1.7 “Deposit Confirmation” in relation to Dual Performer 05 is a written confirmation forming an integral part of the Dual Performer 05 agreement, which will be sent by the Bank to the Customer on the Start Date. Furthermore in relation to the FTSE100 Linked Deposit a notification of the interest will be sent seven Business Days after the Maturity Date.
1.8 “Deposit Period” refers to the 18 month Deposit Period and/or the FTSE100 Linked Deposit Period.
1.9 “Dual Performer 05” is a deposit product consisting of two equal amount sub products, the 18 month Deposit and the FTSE100 Linked Deposit. Participation in Dual Performer means participation to both sub-products with the same Start Date. Two separate accounts will be opened.
1.10 “Final Index Level” is calculated as the arithmetic average of the cash closing prices of the index obtained on the 19th March 2006 and quarterly thereafter up to and including the Maturity Date.
1.11 “FTSE100 Linked Deposit Period” in relation to the FTSE100 Linked Deposit, is a 3-year period commencing on, and including its Start Date and ending on its Maturity Date.
1.12 “FTSE100 Linked Deposit” is a capital guaranteed, three year fixed deposit. Its value is equal to 50% of the Initial Deposit. Its return is calculated and paid according to clause 9.2.
1.13 “Holder(s)” The person(s) who has deposited in Dual Performer 05 and where the Dual Performer is held jointly shall be deemed to include all of the Dual Performer owners unless expressly stated otherwise.
1.14 “Index” means the London FTSE 100 Index by reference to which interest earned by the Customer during the FTSE 100 Linked Deposit Period is calculated.
1.15 “Initial Deposit” means the total (100%) amount accepted by the Bank for deposit in the Dual Performer 05 during the Offering Period.
1.16 “Initial Index Level” is the cash close of the Index on the Start Date.
1.17 “Market Disruption Event” means the occurrence or existence on any Business Day of any of the following events:
i. the suspension of or material limitation in trading in any security which comprises part of the Index;
ii. the suspension of or material limitation in trading in options and futures contracts relating to the Index traded on any options and futures exchange;
iii. where the Index is not calculated and announced as a result of the interruption of power supplies or machinery failure. During any such event, the relevant percentage contribution of that security to the level of the Index shall be based on a comparison of the portion of the level of the Index attributable to that security relative to the overall level of the Index, in each case immediately before the suspension of or material limitation in trading in securities or options and futures.
1.18 “Maturity Account” means a GBP-denominated current or savings Bank account designated by the Customer on the application form, into which, the Customer¢s interest and terminal payoff will be transferred.
1.19 “Maturity Date” means the final day of the Deposit Period upon which the deposit may be withdrawn. Maturity Date for the 18 month Deposit is 19/06/07 and for the FTSE100 Linked Deposit is 19/12/08
1.20 “Offering Period” means the period when the Dual Performer 05 is available for deposit set between 28/11/05 and 19/12/05 (inclusive).
1.21 “Participation Rate” means the figure by which the percentage difference between Initial Index Level and Final Index Level is multiplied and used to calculate the gross interest rate payable on the FTSE100 Linked Deposit. The Participation Rate for the FTSE 100 Linked Deposit is 100%.
1.22 “Start Date” means the date on which the Deposit Period commences, set on the 19/12/05.
1.23 “Tax Year” means the income Tax Year beginning 6th April in one year and ending on 5th April in the following year.
1.24 “Withdrawal” means any transaction (whether undertaken in whole or in part by way of cheque, transfer to another account held with the Bank or by any other means), which has the effect of reducing Customer¢s deposit balance.
2. Availability
2.1 Dual Performer 05 is available to companies and private individuals (aged 18 or over).
2.2 Dual Performer 05 is not transferable, nor can it be assigned to or charged in favor of any other person, other than the Bank if appropriate.
3. Number of Holders
3.1 The Dual Performer 05 may be held either in a sole name or in joint names. In all circumstances the Dual Performer 05 must be operable on the signature of any one Holder. The Bank will be entitled to and shall rely on the signature of any one Holder as being the instruction of and binding upon both Holders.
3.2 In the event where the Dual Performer 05 is held jointly, each Customer will be jointly and severally bound by these Terms and Conditions.
4. Dual Performer 05 opening
4.1 Dual Performer 05 accounts will only be opened on the Start Date and credited with cleared funds only.
4.2 The Bank will only open Dual Performer 05 accounts for the Customer when:
i. The Bank holds a correctly completed and valid application form signed by all Dual Performer 05 Holders.
ii. The Bank has received at least the minimum amount required to open a Dual Performer 05 as specified in clause 5.
iii. The Bank has received all documents and the Bank has completed such checks, as the Bank believes necessary and/or appropriate to confirm the identity and address of all Holders and otherwise comply with the Bank¢s legal obligations.
4.3 The Initial Deposit made in a Dual Performer 05 accounts will be recorded on one Deposit Confirmation that will be sent to customers.
5. Minimum and Maximum Deposits
5.1 The minimum deposit amount is GBP 20,000 (twenty thousand pounds). The maximum deposit amount is GBP 1,000,000 (one million pounds).
5.2 Deposits exceeding the maximum amount may be permitted at the Bank¢s discretion and only during the Offering Period.
6. Offering Period
6.1 The Dual Performer 05 is on offer during the period 28/11/05 until 19/12/05 inclusive. Applications/funds will only be accepted during the above period. Once the Bank receives funds for the purpose of opening Dual Performer 05 account(s) they cannot be withdrawn.
6.2 During the Offering Period, the Bank will hold Customer funds in an appropriate account of the Customer¢s choice until the Start Date. On the Start Date the funds will be transferred into the Dual Performer 05.
6.3 The Bank may withdraw the product at any time during the Offering Period. In such an event the Bank will make available to the Customer the Initial Deposit.
6.4 The Bank may stop accepting deposits towards the Dual Performer 05 at any time, prior to or during the Offering Period.
7. Withdrawals
7.1 Withdrawals from the Dual Performer 05 are not permitted during the Offering Period or during the Deposit Period.
7.2 In the event of bankruptcy of a Customer, the total interest and terminal payoff of the Dual Performer 05 is payable in line with clause 9, according to the instructions of a trustee in bankruptcy where the trustee in bankruptcy has registered an interest. Where the Customer is a company, partnership or association, the Bank will also follow the instructions of a receiver, liquidator, administrator with a registered interest in the Customer¢s account.
7.3 In the event of the death of a sole account Holder, control of the account will pass to the executors or administrators of the estate, on production of a Grant of Probate or Grant of Representation.
7.4 In the event of the death of a joint account Holder, control of the account will pass to the survivor (s) on production of the death certificate, provided a valid joint account mandate is held, subject to any rights, which the Bank or a third party may have.
8. Tax Treatment of Dual Performer 05
8.1 Interest will be paid net of lower rate tax (currently 20%) unless valid documentation is provided entitling the Customer to receive interest gross of tax.
9. Interest and Terminal Payoff
9.1 For the 18 month Deposit:
i. Interest rate is fixed at 10.5% Gross (6.88% AER) and is payable in full for the entire 18 month period on the Maturity Date, (19/06/07) on the 50% of the Initial Deposit.
ii. Interest will not be compounded. On the Maturity Date the interest will be transferred to the Maturity Account.
iii. On the Maturity Date, Customers will receive 50% of the Initial Deposit in their Maturity Account.
iv. Interest will be paid in accordance with clause 8.1 (tax treatment)
9.2 For the FTSE100 Linked Deposit
i. It does not pay a predetermined interest rate. The interest is calculated in accordance with the following formula:
Participation Rate
X
(Final Index Level – Initial Index Level)
Initial Index Level
X
50% Initial Deposit
In case the percentage difference between the Initial Index Level and the Final Index Level is zero or negative, no interest shall be payable (Initial Deposit is capital guaranteed).
ii. The value of the amount originally deposited could be eroded by the effects of inflation.
iii. Interest will be paid seven Business Days after the Maturity Date, and will be transferred to the Maturity Account.
v. On the Maturity Date, Customers will receive 50% of the Initial Deposit in their Maturity Account.
iv. Interest will be paid in accordance with clause 8.1
v. The Bank will make available upon request the interim quarterly FTSE100 readings.
10. Waiver
Waiver or failure by the Bank in exercising any right or remedy shall not be construed or take effect as a waiver or release of that right or remedy and the Bank shall always be entitled to exercise all its rights and remedies unless it shall have expressly waived them in writing.
11. Bank¢s Obligations
11.1 The Bank may, at any time and without notice to the Customer, combine or set-off any or all of the Customer¢s credit balances held with the Bank (including but not limited to the Initial Deposit) with or against all or any of the Customer¢s aggregate liabilities whether they be actual or contingent. In the case of an individual account Holder, the Bank¢s rights as described shall not be affected by the Customer¢s death or legal incapacity.
11.2 The Bank reserves the right to destroy any documents relating to an account after microfilming or scanning them.
11.3 If in the event of a Market Disruption Event, the Index cannot be ascertained by the relevant Maturity Date, the payment of the interest earned on the FTSE100 Linked Deposit, if any, shall be delayed until the Index can be ascertained and payment will be made as soon as possible after that.
12. Other
The Bank shall not be liable to the Customer for any loss incurred if it is prevented from or delayed in providing the Customer with any banking or other service as a result of strikes, industrial action, failure of power supplies or equipment or any other causes beyond the Bank¢s control.
13. Stock Exchange Disclaimer
The Dual Performer 05 is not in any way sponsored by the London Stock Exchange, or any other stock exchange, or by FTSE International Limited, or the publisher or sponsor of the Index. No such person makes any warranty or representation whatsoever expressly or implicitly, either as to the results to be obtained from the use of the Index and/or the figure at which the Index stands at any particular time on any particular day or otherwise. Nor shall any such person be liable (whether by negligence or otherwise) to any person for any error in the Index or under any obligation to advise any person of any error therein.
14. The meaning of Guarantee
14.1 The use of Guarantee in the Terms and Conditions of Dual Performer 05, Deposit Confirmation and literature refers to the Bank¢s ordinary contractual obligation to repay the Initial Deposit.
14.2 The Bank does not make any promise about the future performance of the FTSE100 Linked Deposit whether in relation to other deposit products that the Bank offers or products, which are available generally.
15. Deposit Protection Scheme
The Bank is a member of the Deposit Protection Scheme that operates under the auspices of the Central Bank of Cyprus, and a member of the UK Financial Services Compensation Scheme. Payments are limited to 100% of the first GBP 2,000, and 90% of the next GBP 33,000 of a depositor¢s total eligible deposits resulting in a maximum possible payment per person of GBP 31,700.
16. General
16.1 This document does not constitute an invitation to buy or an offer to sell securities or make deposits in any jurisdiction to any person to whom it is unlawful to make such an invitation or offer in such jurisdiction. It is the responsibility of the Customer to determine if the account is suitable for them in their personal circumstances, and to make declarations to the appropriate tax and other authorities.
16.2 The Customer has no right to any shares or (dividend) income in respect of shares in any company in the Index as a result of investing in the Dual Performer 05.
16.3 The Bank reserves the right to decline the opening of a Dual Performer 05 account.
16.4 These Terms and Conditions shall be construed in accordance with English Law.
16.5 The Bank subscribes to both The Banking Code and The Business Banking Code.
16.6 The Customer is to be bound by the Bank¢s general Terms and Conditions and by the Terms and Conditions of the Dual Performer 05. If there are any inconsistencies between these two sets of terms and conditions, the present terms and conditions shall prevail.
16.7 The Bank is authorised by the Central Bank of Cyprus. In addition, for certain activities in the UK the Bank is regulated by the Financial Services Authority. For further information Customers may refer to the FSA web site (www.fsa.gov.uk). The Bank¢s FSA registration number is 204649.
These Terms and Conditions may change. In this case the Bank will make copies available.
|
|
Instant Access Account
LOANS / FACILITIES
