Court to hear bid to move HLE life assurance business

The commercial court is being asked to permit transfer of the international life assurance business of Dublin-based HSBC Life (Europe) Ltd — HLE — to another HSBC company in Malta.

The value of the reserves involved is very significant, some €72bn, Denis McDonald, counsel for the companies, said.

Mr Justice Peter Kelly agreed yesterday to transfer the petition for hearing in the Commercial Court on October 31. The petition states most of the policy holders affected are based across Europe. Actuaries for HLE and HSBC Life Assurance (Malta) Ltd — HLM — plus an independent actuary, had concluded no class of HLE or HLM policy holder would be adversely affected by implementation of the scheme.