trust corporation

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trust corporation

a company that has as its main or subsidiary sphere of operations the administration of trusts, with itself as TRUSTEE. The company should have an issued capital of at least £250,000, of which at least £100,000 should have been paid up. It is empowered to charge fees for its services at a level not higher than those charged by the public trustee.

The public trustee, set up under the Public Trustee Act 1906, is in effect the nationalized trust corporation. Its fees maybe altered from time to time by statutory instrument.

References in periodicals archive ?
The BSP has approved the spin off of trust corporations in 2011 but because of the P300-million minimum capital requirement which banks and asset management firms think too high, there were no applicants until 2015.
"The establishment of the trust corporation will complement Pru Life UK's insurance business and allow us to provide more value to our customers by offering them a wider range of financial solutions," said its vice president and chief investment officer Anthony Garces.
In a recent disclosure to the Philippine Stock Exchange, BPI said the Bangko Sentral ng Pilipinas (BSP) had granted the license for the bank's asset management and trust group to create and operate a new trust corporation.
Mario Miranda, head of BPI's asset management and trust group, said in a text message that all of BPI's trust assets would be 'migrated to the trust corporation.' He estimated the group's total AUM as of end-2015 at P566 billion.
The BSP allowed the spin off of banks' trust corporations into a separate entity in 2011.
In June, the BSP eased up on the P300-million minimum capital compliance for trust corporations to encourage more interests in spinning off trust departments from regular banks.
The purchase of securities or instruments issued by the quasi bank will also not be considered as exposures of the trust corporation.