2015123002

Credit Event

Novo Banco S.A.

On 12 January 2016, this issue was sent for External Review.

The Reviewable Question was:

Has a Governmental Intervention Credit Event occurred with respect to Novo Banco S.A. on or about 29 December 2015?

The Presented Positions with respect to the Reviewable Question were:

No, a Governmental Intervention Credit Event did not occur on or about 29 December 2015 with respect to Novo Banco S.A. (the “No Position”).

Yes, a Governmental Intervention Credit Event occurred on or about 29 December 2015 with respect to Novo Banco S.A. (the “Yes Position”).

The Submission Deadline in respect of Written Materials was 5:00p.m. London time on Friday, 5 February 2016.  The Oral Argument was heard on Friday 12 February 2016 and the Decision Deadline was 5:00p.m. London time on Tuesday 16 February 2016.

The External Review Panel consisted of Adrian Beltrami QC, Mark Hapgood QC and Sir Bernard Rix. David Allison QC was selected as an alternate (note that an alternate would become an External Reviewer if an existing External Reviewer is in future replaced under Section 4.3(e) of the DC Rules).

Event Publicly Available Information:

Has a Governmental Intervention Credit Event occurred with respect to Novo Banco S.A.?

Banco de Portugal announcement 

Oral Argument

The video recording of the Oral Argument can be accessed here.
Written Materials

The following Briefs were submitted by Friday 5 February 2016 in connection with the Novo Banco S.A. Governmental Intervention External Review process:

Statement of Facts with respect to the Reviewable Question agreed by the Advocates for the ‘‘No’’ Position and the ‘‘Yes’’ Position

Brief in support of the ‘‘No’’ answer to the Reviewable Question submitted by the Advocate for the ‘‘No’’ Position

Hyperlinks to Exhibits and Authorities for the Brief in support of the ‘‘No’’ answer to the Reviewable Question submitted by the Advocate for the ‘‘No’’ Position

Brief in support of the ‘‘Yes’’ answer to the Reviewable Question submitted by the Advocate for the ‘‘Yes’’ Position

Hyperlinks to Exhibits for the Brief in support of the ‘‘Yes’’ answer to the Reviewable Question submitted by the Advocate for the ‘‘Yes’’ Position

Brief in support of the ‘‘Yes’’ answer to the Reviewable Question submitted by an ISDA Member