*Goldman Sachs International v Novo Banco SA

Bank – Banker/client relationship. The decision of the Central Bank of Portugal, as the designated Resolution Authority for Portugal for the purpose of Directive (EU) 2014/59 (the EBRRD), that a finance facility transferred to Goldman Scahs was not eligible for emergency liquidity assistance was legally correct. The Supreme Court held that having regard to art 3 of Directive (EC) 2001/24 (the Reorganisation Directive) the entire process of reorganisation had to be recognised which meant that there had been a conclusive decision that the finance facility had not been transferred.

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