Ex-Irish State Bank Exec Defends Swaps Deal At Trial

Law360, London (May 13, 2019, 9:13 PM BST) -- A former executive at an Irish state-run "bad bank" testified at a multimillion-pound interest rate swaps trial in London on Monday that it was policy for the agency to reduce its exposure as the country's property market plummeted during the financial crisis.

The National Asset Management Agency is being sued for millions of pounds by Alfred Street Properties in connection with payments the commercial developer, which is based in Belfast, made on rate swaps beginning in April 2012. The developer has demanded repayment of the money, plus interest, claiming it was not given adequate notice that the swaps arrangement was being extended...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!