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UK Supreme Court rules in “victory for common sense” Novo Banco case

By Dominic Lawson

04 July 2018

In a ruling hailed as “a victory for common sense” the UK Supreme Court has confirmed EU member states must recognise bank resolution decisions taken by other EU member states, finding that English courts must respect Portuguese law on whether an US$835 million loan facility had been transferred from Portugal’s collapsed Banco Espirito Santo to “good bank” Novo Banco.

UK Supreme Court rules in “victory for common sense” Novo Banco case Novo Banco branch (Credit: iStock.com/David Crespo)