The case arose from an unremarkable arrangement between Libyan Bank and Bankers Trust. The main features of that arrangement, which had first been agreed in 1980 and modified in 1985, were as follows. At the relevant times, Libyan Bank had a managed account with Bankers Trust. It consisted of a call account (similar to a British deposit account) on which interest was payable, with Bankers Trust London, denominated in U.S. dollars. At the close of business on 8 January 1986 that account was credited with $131,506,389.93. It also had a demand account (similar to a British current account), denominated in U.S. dollars, with Bankers Trust New York, paying no interest, which was used for day-to-day payments and receipts by Libyan Bank. At 2 p.m., on 8 January 1986, prior to the making at 4.10 p.m. on that day of the U.S. Presidential Order, the balance credited to the New York account was $161,997,000. It had previously been agreed that $500,000 (the “peg” or “target” balance) would be kept in that account to compensate Bankers Trust for its services in connection with the account. Bankers Trust would consider Libyan Bank’s New York balance at 2 p.m. each day, transferring, in multiples of $100,000, sums in excess of the peg balance to the London account; on the following morning, Bankers Trust would review the closing balance in the New York account for the previous day and, in order to maintain the peg balance, would transfer appropriate amounts either to or from the London account. Accordingly, $161,400,000 was available for transfer from the New York demand account to the London call account at 2 p.m. on 8 January 1986. Libyan Bank’s main claims were in respect of the sums of $131.5 million in the London account of £161.4 million which should have been transferred to that account from New York on 8 January