Recent Work by Practice Area

Recent work relevant to Banking & Financial Services   EBS Mortgage Finance - Mortgage Covered Security Issue     Corporate Lending     We advised EBS Mortgage Finance on their €1bn covered bond issue. This was the first public issue of a covered bond by an Irish building society group and the first public issue for a new covered bond issuer since 2006. The bond is not government guaranteed. The deal has been awarded the Debt Securities deal of the Year by Finance Dublin.     Acting for a number of leading financial institutions, Irish and foreign, in managing the issues for borrowers especially in the property sector including credit extensions, facilitating restructuring, insolvency advice and NAMA preperation.     Date : November 2009 Value : €1bn    Partners :  Roy Parker                           Date : Ongoing Partners :  Niall Powderly                      Claire Lenny                                       Irish Government Guarantee Scheme and debt issues     Metlife Europe Limited - Standing Counsel     We advised on the establishment of various debt issuance programmes established by Irish Nationwide Building Society in connection with the implementation of the Irish Government Guarantee Scheme. We are adviser and lead counsel to several of the six Irish credit institutions covered by the State Guarantee Scheme. We have acted as lead counsel on Guarantee Scheme capital markets debt issues for institutions. These have included a €10 billion programme for Irish Nationwide Building Society, €1.5 billion ECP Programme and €6 billion EMTN programme for EBS.     We advised MetLife (one of the World's largest life assurers) on its Irish establishment and its pan-EU operations. In such capacity we advise on many aspects of their day to day business and transactions. We also provide significant strategic guidance and direction in relation to Irish and European regulatory issues and associated matters.     Date : Ongoing Partners :  Hugh Beattie                           Date : Ongoing Partners :  Ambrose Loughlin                      Paul Heffernan                      Darragh Murphy                                       Pembroke / GECAS - Portfolio Acquisition     Irish Nationwide Building Society - Note Exchange Offer     We acted for Pembroke Group ( as subsidiary of Standard Chartered Bank) in its acquisition of 14 narrow bodied aircraft from GE Commercial Aviation Services. All aircraft are currently on long-term lease to airlines in China, Korea, Kenya and the Philippines.     We acted for Irish Nationwide Building Society ("INBS") in relation to the implementation of their recent landmark €900,000,000 and £500,000,000 note exchange offer. The profit realised from such an exchange, where the existing notes were trading at a discount and exchanged for new notes issued by INBS, was used to strengthen INBS's capital base.     Date : April 2009 Partners :  Catherine Deane                           Date : July 2009 Value : €900m & £500m    Partners :  Hugh Beattie                      Julian Conlon                                       Conning Asset Management     MBNA Bank Europe     We acted for Conning Asset Management (Europe) Limited in relation to its role as general partner and investment manager of the pioneering Post 2012 Carbon Credit Fund which has €125m to invest in the carbon credits produced by so-called 'post Kyoto' projects.     Advising MBNA bank in relation to its operations in Ireland.     Date : Ongoing Partners :  Mark White                      Ambrose Loughlin                           Date : Ongoing Partners :  Paul Heffernan                                       Allied Irish Banks, plc     Zurich Insurance plc - European Operations Consolidation     We are acting on the sale and leaseback of 20 separate AIB branches located throughout Ireland.     We are advising Zurich from an Irish legal perspective on the proposed consolidation of some of its European operations. In addition, we have advised Zurich in relation to its investment management and associated arrangements (particulary in the context of its life assurance wrapper products).     Date : Ongoing Partners :  Lonan McDowell                           Date : March 2010 Partners :  Paul Heffernan                      Darragh Murphy                                       National Roads Authority     Nordic Aviation Capital / NK Aviation Limited     We are advising the National Roads Authority in relation to PPP legal advice for the recently launched N17/N18 and its service areas programme completion. Following a competitive tender process we have recently been reappointed as their legal advisers for the NRA's second roads programme which includes four proposed PPP projects.     We acted for Nordic Aviation Capital in relation to (a) the establishment of its Irish joint venture, NK Aviation, with Kirk Kapital, the Danish investment firm, and (b) the sale and lease back with AMR Leasing Corporation of a fleet of 39 ATR 72 aircraft operated by American Eagle (an affiliate of AMR Leasing).     Date : Ongoing Partners :  Eamonn O'Hanrahan                      Kevin Kelly                           Date : Ongoing                 GMAC Commercial Mortgage     AIB Private Banking     Advising GMAC Commercial Mortgage on its Irish operations.     Ongoing advice with regard to numerous syndicate deals and re-financings in both Ireland and abroad.     Date : Ongoing Partners :  David Lydon                      Terence McCrann                      Hugh Beattie                           Date : Ongoing Partners :  Shane Fahy                                       Ignis Asset Management     UK Covered Bond Programme for Bank of Ireland     We act as project manager, Irish legal advisers and listing sponsor for Ignis Asset Management's UCITS umbrella investment company and its registration for sale in Europe and for Ignis Asset Management's Irish hedge fund master feeder umbrella structure.     We advised Bank of Ireland as Irish counsel on the establishment of their €15 billion UK structured covered bond programme. We had previously advised Bank of Ireland on the establishment of their Irish covered bond. The addition of a UK structured covered bond debt issuance platform permitted Bank of Ireland to issue covered bond covered by pools of UK residential mortgage loans.     Date : Ongoing Partners :  Tony Spratt                           Date : September 2008 Partners :  Adrian Farrell                      John Cronin                                       Mortgage Covered Securities for EBS Building Society     Sceptre Funding No. 1 plc     We advised EBS Building Society on the establishment of EBS Mortgage Finance and its €6 billion Mortgage Covered Securities Programme. The establishment of a covered bond bank and programme for EBS Building Society. Unlike bank issuers, structuring needed to reflect the mutual status of the EBS Building Society.     We acted as Listing Agent for notes issued by Sceptre Funding No. 1 plc. Sceptre Funding No.1 plc was a special purpose vehicle set up by Land Securities in the UK in order to securitise the rental income due from the UK Government on the Home Office building in London.     Date : December 2008 Partners :  Ronan Molony                      Roy Parker                           Date : July 2009 Partners :  Tony Spratt