Jurisdiction(s):
United Kingdom

Key definition

Authority definition

What does Authority mean? In practice, Authority refers to the public sector client that procures and manages a project or service and is the named counterparty in the contract. In public procurement, PFI/PPP, DBFM/DBFOM and outsourcing documents, it is a contractual shorthand for the “contracting authority” defined in legislation (England & Wales and Northern Ireland: Public Contracts Regulations 2015; Scotland: Public Contracts (Scotland) Regulations 2015; Ireland: European Union (Award of Public Authority Contracts) Regulations 2016). Typical Authorities include a local authority, an NHS trust or health board, a central government department or minister, a non‑departmental public body or agency, or another body...

Bermuda cross-border banking and finance: lending, security creation and perfection, guarantees, enforcement, intercreditor priorities, and recognition of English law and judgments (February 2025)

Published by a LexisNexis Banking & Finance expert

Practice notes

Loan market and developments

Moody’s retains a ‘stable’ outlook for Bermuda’s banking sector, reflecting contingent liability risk linked to the island’s sizeable banking system. The agency notes that Bermuda’s very strong institutional framework, very high per capita income and robust external position are fundamental credit strengths that enhance the jurisdiction’s resilience to prospective shocks.

The Bermuda Monetary Authority confirms that, as at September 2024, banks’ Capital adequacy sits comfortably above Basel III minima, with the sector reporting:

a risk asset ratio of 25.6%;
a common equity tier 1 capital ratio of 24.2%;
a leverage ratio of 7.7%.

Looking ahead, no significant changes are anticipated to Bermuda’s banking or contract laws. Basel III regulatory standards have now been fully phased in, including the Liquidity Coverage Ratio, the Capital Conservation Buffer and the Net-Stable Funding Ratio Requirements...

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Web page updated on 21/05/2026

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