(c) Whenever a disagreement arises between the Bank and a country which has ceased to be a member, or between the Bank and any member during the permanent suspension of the Bank, such disagreement shall be submitted to arbitration by a tribunal of three arbitrators, one appointed by the Bank, another by the country involved and an umpire who, unless the parties otherwise agree, shall be appointed by the President of the Permanent Court of International Justice or such other authority as may have been prescribed by regulation adopted by the Bank.

We are setting up a body of unique rules, a Single Rulebook for all the banks in the single market with rules that are directly applicable in Member States without any possibility of regulatory arbitrage.

We have a Single Rulebook for banks in the single market since many of the rules will be directly applicable in Member States without any possibility of regulatory arbitrage, while offering the necessary degree of flexibility to allow national supervisors to tackle the specific risks affecting their banks and markets.

The Bank may provide for arbitration in any contract.

2. Without prejudice to the provisions of Article 23, the Bank shall not, in managing its investments, engage in any currency arbitrage not directly required to carry out its lending operations or fulfil commitments arising out of loans raised or guarantees granted by it.

Many hedge funds now look like miniature versions of investment banks or investment bank proprietary trading desks.