Project Acquitania

Project Acquitania

We as financial experts for a US-based hedge fund in their litigation against the Irish Minister for Finance. The dispute centred around the Minister’s decision to use powers granted under the Credit Institutions (Stabilisation) Act 2010 to cram down subordinated bondholders in Allied Irish Bank, whilst inverting traditional creditor hierarchy to leave shareholders intact. The report covered a number of key areas including the importance of creditor hierarchy in capital markets, precedent examples in European bank resolution (e.g. Northern Rock and Bradford & Bingley).