Guardians of New Zealand v Novo Banco Approved Judgment

In a case likely to be welcomed by central banks and resolution authorities across Europe, Richard Salter QC and Jonathan Mark Phillips for the Appellant Novo Banco, succeeded in reversing the decision below, in what is now the leading case in Europe on the operation of the Bank Resolution and Recovery Directive and the European wide regime for the rescue of failing banks and financial institutions. The Court of Appeal accepted that the English Court was obliged to give effect in accordance with their status in Portuguese law to decisions of the Bank of Portugal as to the liability under an $834m facility provided to Banco Espirito Santo.

The full judgment can be found here.