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ARTICLE · 15 SEPTEMBER 1998

The London Approach - A Re-Evaluation

Hammonds
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United KingdomAntitrust/Competition Law
Most commentators are predicting a slowdown in the UK economy, and certain sectors of the economy are already slowing down significantly. As a result lenders may find more of their borrowers facing difficulties. Where more than one lender is involved with the same borrower lenders should be aware that, in principle, they should comply with the London Approach. The London Approach is not a set of rules and compliance is not mandatory. Despite this the London Approach has been highly effective, the Bank of England has acted as an "honest broker" to settle differences between competing banks and few banks have been willing to attract the regulatory attention of the Bank of England by refusing to follow with the London Approach. The London Approach follows a broad set of principles where more than one lender is involved with a troubled borrower:

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