In all cases, he converted part of the trust money received from each of the beneficiaries from his trust account to his general account.

According to TNT, the transfer into the escrow account by the UK authorities acts as a guarantee towards the pension trust, of which the benefit to Royal Mail would be that it is able to recover the deficit over a longer funding period and to use their own funds to strengthen their business. If Royal Mail had had to fund the deficit at once, depending on whether the pension liability in the balance sheet would already have reflected such deficit, they would have been confronted with a substantial loss and reduction of equity and, perhaps more importantly, a reduction of funds. In normal market conditions, if a ...[+++]company needs funds, it can borrow from the debt market or raise additional capital in the equity markets. In Royal Mail’s case, it appeared there was third possibility, namely, agreeing to a more lenient price cap in its price control with the regulator. Prices could increase by a substantial level without reaching abusively high levels. As Royal Mail’s consent was required to give effect to the price control, this was a matter within the power of Royal Mail and an option which was known to its shareholder.

Other claims include loans to non-resident non-banks, long-term loans to an IMF Trust account and other financial assets not included previously but that meet the reserve assets definition.

The Chief Electoral Officer has expressed grave concern that many MPs, like the member for Trinity—Spadina, have trust accounts or trust funds that are in fact secret bank accounts totalling millions of dollars.

He shares the Commission view that a number of persons, institutions and activities currently not covered by the existing texts - such as providers of services to companies, trusts, and life insurance intermediaries - should be included in the scope of the Directive.