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...
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