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P114 CEEFAX 114 Thu 24 Jan 22:50/37   BANKS MAY LOSE AS COUNCIL  DEALS JUDGED ILLEGAL All money market deals by local authorities involving interest rate swap transactions are illegal, the House of Lords has ruled. Banks involved in the deals could lose up to £600 million as a result of the unanimous decision of five Law Lords. They were giving judgement in the appeal over the multi-million pound transactions of the London Borough of Hammersmith and Fulham. More than 70 other local authorities are thought to have engaged in similar deals. 101 War headlines 130 Gulf military Next News Newswatch GulfIndex Latest