Hammersmith and Fulham Swaps

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A series of interest rate swaps on which the Borough of Hammersmith and Fulham (in London) took positions in the 1980s. The Borough was the floating rate payer, which, when interest rates rose, gave it liabilities well in excess of its statutory debt ceiling. These swaps were declared to be illegal in 1988 in part because they were too risky for local governments.

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