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Monday 05 December, 2005

Barclays Global Inv

RE: Operations Update

Barclays Global Inv Cash Selection
05 December 2005



                          Stock Exchange Announcement




                            For immediate release                                   5 December 2005





       Barclays Global Investors Cash Selection Funds plc (the 'Company')



               Re:       Update to the Operations of the Company





The Board of Directors of the Company (the 'Board') wish to announce the
following changes with effect from 2 December 2005:-







1.         J.P. Morgan Administration Services (Ireland) Limited (the '
Administrator') will replace Bank of Ireland Securities Services Limited (the '
Outgoing Administrator') as the Administrator to the Company pursuant to an
Administration Agreement (the 'Administration Agreement') between Barclays
Global Investors Ireland Limited (the 'Manager') and the Administrator dated 2
December 2005.  This change will be effective as at midnight on 2 December 2005.
  The terms and conditions of the Administration Agreement differ to the terms
and conditions of the agreement which was in place between the Manager and the
Outgoing Administrator as follows:-



1.1        The Administration Agreement may generally be terminated for any
reason by the Manager, on 90 days prior written notice.  The Administration
Agreement may also be terminated immediately by either party giving notice in
writing to the other party upon the occurrence of a material breach of the
Administration Agreement; upon the insolvency of either party (or upon the
happening of a like event); upon the withdrawal by the Irish Financial Services
Regulatory Authority (the 'Financial Regulator') of its authorisation of any
party; or upon the occurrence of any other event which would result in
termination of the Administration Agreement under the provisions of the
Memorandum and Articles.



1.2       The Administration Agreement provides that the Administrator shall be
liable, pursuant to the terms of the Administration Agreement, for direct
damages incurred by the Manager or the Company by reason of the Administrator's
fraud, wilful default or negligence and except in the case of fraud shall not in
any event be liable for indirect, special or consequential loss or damage of any
kind whatsoever.  In addition, the Administrator shall have no liability for,
and the Manager shall hold the Administrator harmless and shall indemnify it
against any loss it suffered in the event of claims asserted against it by
reason of the occurrence of a force majeure event (as set out in the
Administration Agreement).



J.P. Morgan Bank (Ireland) Plc (the 'Custodian') will replace The Governor and
Company of the Bank of Ireland (the 'Outgoing Custodian') as Custodian to the
Company pursuant to a Custodian Agreement (the 'Custodian Agreement') made
between the Company and the Custodian dated 2 December 2005.  This change will
be effective as at midnight on 2 December 2005.  The terms and conditions of the
Custodian Agreement differ to the terms and conditions of the agreement which
was in place between the Company and the Outgoing Custodian as follows:-



2.1       The Custodian Agreement may generally be terminated for any reason by
the Company on 90 days prior written notice.  The Custodian Agreement may also
be terminated immediately by either party giving notice in writing to the other
party upon the occurrence of a material breach or upon the insolvency of either
party (or upon the happening of a like event).



2.2        The Custodian Agreement provides that the Custodian will be liable to
the Company and its shareholders for any loss suffered by them as a result of
the Custodian's unjustifiable failure to perform its obligations or its improper
performance of them.  The Custodian shall not be liable to the Company or the
shareholders of the Company or any other person for consequential or indirect or
special damages or losses arising out of or in connection with the performance
or non-incurred performance by the Custodian of its duties and obligations.  The
Company has indemnified the Custodian and its sub-custodians, their respective
nominees, directors, officers and employees against any liability that may be
incurred by them arising out of or in connection with the performance by them of
obligations arising under the Custodian Agreement except to the extent that the
liabilities arise as a result of the unjustifiable failure to perform their
obligations or their improper performance of them.  In addition the Custodian
will have no liability for any loss, damage, expense or liability of any nature
which the Company  may suffer or incur as a result of a force majeure event (as
set out in the Custodian Agreement).



2.3        The Custodian is responsible for the custody and safekeeping of the
assets of the Company, the delivery of securities to and receipt of securities
from appropriate counterparties, the delivery of securities sold against payment
and the payment for securities purchased. All assets of the Company are held by
or under the control of the Custodian.  The Custodian will identify in its books
that the assets of the Company shall belong exclusively to the Company and shall
be segregated from the assets of either the Custodian or its sub-custodians or
both and shall not be used to discharge directly or indirectly liabilities or
claims against any undertaking or entity and shall not be available for any such
purpose.



2.4        The Custodian may from time to time delegate the responsibility of
holding certain assets to sub-custodians. The Company may appoint sub-custodians
to hold the assets of the Company.  In such event the sub-custodian will be
selected by the Company using all reasonable skill and care in the selection of
a sub-custodian.  The Custodian and Company have noted that the Financial
Regulator considers that the Custodian must ensure that the sub-custodian has
and maintains the expertise, competence and standing appropriate to discharge
its responsibilities in addition, the Custodian must maintain an appropriate
level of supervision over the sub-custodian and make appropriate enquiries from
time to time to confirm that the obligations of the sub-custodian continue to be
competently discharged. It is not expected that any sub-custodians, will incur
fees in excess of those charged by the Custodian.  In the event that additional
fees are incurred, such fees will not exceed normal commercial rates. The
Custodian will be liable for direct losses incurred by the Company which result
from the failure by a sub-custodian to use reasonable care in the provision of
custodial services by it in accordance with the standards prevailing in the
relevant market or from the fraud or wilful default of such sub-custodian in the
provision of services by it, or the insolvency of any sub-custodian which is
affiliated (as defined in the Custodian Agreement) to the Company.



Administration and Custody Fees



The Manager is responsible for discharging the administration and custody fees
of the Company.  The maximum fee to which the Manager is entitled is 1% per
annum of the total Net Asset Value of the Company.



Change in Financial Reporting Period



As part of the change in Administrator and Custodian the Company is required to
produce audited financial statements up to 2 December 2005.  To minimise costs
incurred in producing these financial statements, it has been determined that
the interim financial period be amended for this accounting period so that
audited interim financial statements will be produced to 2 December 2005 rather
than to 30 November 2005.  This change will only be effective for this interim
reporting period and the interim period end for 2007 will revert to 31 January.



Enquiries:


Goodbody Stockbrokers                                                          Ciara Bollard
                                                                               +353 1 6419414


WF-471056-v7



This announcement has been issued through the Companies Announcement Service of

                           The Irish Stock Exchange.




                      This information is provided by RNS
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