Readers interested in the Banking Recovery and Resolution Directive (BRRD) no doubt have been following the ongoing travails of the Portuguese "good bank" Novo Banco SA and "bad bank" Banco Espírito Santo SA (BES).
The latest news hitting the headlines was on Dec. 29, 2015, when Banco de Portugal (BDP), acting as Portuguese resolution authority, announced (the “2015 resolution”) that it had retransferred five Portuguese law-governed senior unsecured bonds (“affected liabilities”) from Novo Banco back to BES. The retransfer occurred some 16 months after BDP had resolved to transfer the very same affected liabilities from BES to Novo Banco.
Originally published in Law360 - February 1, 2016.
Please see full publication below for more information.
