Banking & Finance

Our Banking & Financial Services Department is acknowledged as a leader in the Irish market and provides legal and regulatory advice to domestic and international financial institutions, NAMA, corporates, issuers, treasury vehicles, arrangers, dealers, monolines, rating agencies and governmental bodies, in a broadly-based department, known for its detailed market knowledge.  As well as having a very strong domestic practice, we act for a significant number of international financial services firms and work on many international high profile and intellectually demanding transactions.

Areas of Expertise include:

  • Acquisition Finance
  • Aviation & Asset Finance
  • Asset Finance & Leasing
  • Consumer Credit
  • Commercial Property Finance
  • Debt Capital Markets/Islamic Finance
  • Derivatives
  • Electronic Banking/Outsourcing Services
  • Financial Regulation/Regulatory Enforcement 
  • Insolvency & Corporate Recovery
  • Loan & Credit Facilities including the provision of legal opinions
  • NAMA
  • Project Finance/PPP 
  • Structured Finance & Securitisation 
  • Treasury Operations

We are consistently ranked in the top tier of Irish advisers for Banking & Financial Services work by leading directories including Chambers Global and the Legal 500 EMEA.

Our Banking & Financial Service team is supported by our other Departments to ensure effective and efficient delivery of solutions-focussed advice.

Our experience includes advising:

  • The Irish joint venture company comprising Hammerson and Allianz for a bid and subsequent acquisition of the largest loan portfolio sold to date by NAMA
  • The refinancing in loans owed by Ronan Group Real Estate to NAMA
  • The Rhatigan Group in relating to the refinancing and restructuring of existing indebtedness with Goldman Sachs
  • General Reinsurance AG, a member of the Berkshire Hathaway Group, in relation to a €90m loan facility provided to the Vhi Healthcare Group in connection with Vhi Healthcare Group’s authorisation by the Central Bank of Ireland.
  • US hedge fund York Capital Management on a joint venture with Clarendon Properties for the purpose of acquiring the Wilton shopping centre in Cork, which is being sold by NAMA as part of the bigger ‘Hazel’ portfolio.
  • The successful bidder on the acquisition (and financing by way of an issuance of notes) of the Project Leinster and Munster portfolio of Irish loans.
  • FF Asset Company Ltd in connection with the financing of a portfolio of UK student loans, this is the first student loan warehouse facility to be structured through an Irish debt company in the last seven years.  
  • The acquisition of the Amdipharm Mercury Group by Concorida Healthcare from Cinvin.
  • Kennedy Wilson in relation to the provision of a circa €40m facility by The Governor and Company of the Bank of Ireland in order to finance the development of Phase 2 Clancy Quay in Dublin 8.
  • Allied Irish Banks in the provision of senior secured facilities to ding* to finance the acquisition of iSend, the largest mobile top-up network in the Americas.
  • ARHL Retail Holdings Ltd (member of the Selfridges Group) on all legal aspects of its acquisition of Arnotts department store.
  • Kennedy Wilson in connection with the acquisition and financing of the residential element of the Central Park development in Dublin. 
  • Bank of America Merrill Lynch who provided financing  to Medtronic Inc., (“Medtronic”), the world’s largest stand-alone medical device maker for the purposes of acquiring  Covidien p.l.c (“Covidien”), an Irish based maker of devices used in a range of surgical procedures for $42.9 billion in cash and stock. 
  • Premier Lotteries Ireland Limited in the entry into the exclusive licence to operate the Irish National Lottery. Significant involvement was required from the firm’s litigation, competition, pensions and employment teams to deal with material litigation and employment issues that were being extensively covered in the Irish press.  
  • Ardagh in its offering of €1,155m 4.250% First Priority Senior Secured Notes due 2022, $1,110m floating rate First Priority Senior Secured Notes due 2019 and $440m 6.000% Senior Notes due 2012 (the “Notes”). The Notes were guaranteed by Ardagh Packaging Holdings Limited and we advised on all Irish aspects of the transaction.
  • Inver in relation to a €100m asset-based lending facility from a syndicate of banks including Barclays Bank plc, Bank of Ireland, BNP Paribas and Credit Suisse.  
  • The Governor and Company of the Bank of Ireland in connection with its financing of  the  commercial element of Central Park a highly sought after portfolio acquired by a joint venture between Green REIT and PIMCO. 
  • The Irish Infrastructure Fund in the leveraged acquisition of Towercom Limited, the wireless telecoms infrastructure company that was previously spun out of Eircom. 
  • the Barclay Brothers in relation to their proposed acquisition of the "Project Pebble" loan portfolio, comprising Patrick McKillen's IBRC loans. In addition to reviewing and advising on the Irish loans within the portfolio, we extensively advised the Barclay Brothers as to various strategic enforcement options. 
  • Kennedy Wilson and Värde Partners Europe Limited in connection with the acquisition and financing of the Opera CMBS portfolio of 14 properties in Ireland.
  • NAMA in connection with the sale of loans to Sugarloaf Investments Limited a subsidiary of Ranieri Real Estate, a US property investment company. The loans were originally provided to Carrylane Limited (a Treasury Holdings subsidiary) and a group of tax investors by Anglo Irish Bank Corporation plc (now Irish Bank Resolution Corporation Limited (In Special Liquidation)) to develop the five star Ritz Carlton Hotel, Enniskerry, Co. Wicklow.
  • Kennedy Wilson on the purchase of debt secured by the Shelbourne Hotel in Dublin, Ireland. 
  • Afilias in relation to an US$80m multicurrency revolving facility which was made available by Barclays Bank PLC and HSBC Bank plc.
  • The Doyle Collection, the international luxury hotels group, in relation to the refinancing of its loans with Allied Irish Banks, p.l.c. in one of the biggest refinancing of corporate debt in Ireland for a number of years
  • Deutsche Bank Securities, Inc., in its capacity as lead underwriter for a senior secured notes offering for Trinseo S.C.A. to provide for the issuance of 8.750% Senor Secured Notes due 2019. 
  • University College Dublin, Ireland’s largest university, on its Gateway development, being conducted using a PPP concession model. This is the largest single capital project ever undertaken in the higher education sector.
  • Ulster Bank Ireland Limited in connection with a facility provided to Digiweb Limited. 
  • Synergy Health plc on the Irish law aspects of the issuance of a bilateral private placement note and an uncommitted shelf facility.
  • Allied Irish Banks plc in relation to circa €40m acquisition finance facility made available to Cathkin Holdings Limited (owned by Denis O’Brien) to finance its acquisition of support services group Siteserv. 
  • Allied Irish Banks, plc, on the provision of multicurrency acquisition finance facilities to the ATA Tools group and the group’s subsequent acquisition of SGS Tools, a US and France based competitor. The acquisition of SGS Tools occurred contemporaneously with the sale of a majority stake in the ATA Tools group from FL Partners to MML Capital Partners, and the final funding structure included multiple layers of secured and unsecured subordinated creditors.  

Electronic Money Institution Authorisations in Ireland

William Fry's Financial Regulation Unit provides an overview of the process and requirements for securing authorisation as an electronic money institution / e-money institution from the Central Bank of Ireland.

COVID-19 - Accelerating the Trend Towards a Cashless Society?

"We encourage customers to use card or contactless payment methods at this time" a message that has been repeatedly announced following the recent COVID-19 outbreak. Has Coronavirus expedited the move towards a cashless society? How is Ireland positioning itself as a European FinTech hub in this new payments landscape?

Where do I Sign? Using Electronic Signatures for your Remote Business Dealings During the COVID-19 Pandemic

Using an electronic signature to execute documents is a practical and effective solution to the restrictions faced by businesses during the COVID-19 pandemic.

COVID-19 and the Impact on Debt Capital Markets

Before the COVID-19 outbreak took effect, many issuers of debt were keen on exploring new / further debt issuance given the era of historically low interest rates. COVID-19 has caused widespread disruption on equity and debt markets in recent weeks and we are likely to see a slow-down in activity in the short-term.

Impacts of COVID-19 for Borrowers/Lenders

With COVID-19 resulting in business interruptions for many companies and market volatility, borrowers and lenders need to consider the capacity and flexibility afforded under existing financing arrangements. Download some practical steps that can be taken now by borrowers and lenders to help alleviate the position.

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We are consistently ranked as one of the leading Banking & Financial Services law firms in Ireland.


  • A client states "The team that I primarily deal with are excellent. The team is partner driven, and I can always get access when needed. Their attention to detail is first class but they explain it in layman terms. They are very well regarded within the legal community, and this can be of huge assistance when negotiating and closing complicated deals." Another clients states: "William Fry (partners David Maughan and Mary Ward) provide unparalleled service on Irish law matters. Their advice is always on the spot, and they are always available. I only go to other firms if William Fry is conflicted from advising my client.". With another saying: "Very professional firm with a good team in place. Their strength is their people and breadth of experience on various projects." IFLR 1000 2019
  • "They are very easy to deal with, you can pick up the phone to any of them and they are quick to come back and respond, even on small queries. They are very thorough, client friendly and they put time into developing the relationship". An interviewee appreciated that "the client service was very strong, they had an excellent understanding of the transaction and they showed good responsiveness to requests". Chambers Europe 2019
  • One happy client says: "Their legal expertise, service levels and business-friendly approach sets them apart. I have recommended the team to other parties and continue to do so." Another source notes: "The firm is committed to its clients and develops strong relationships with them." Chambers Europe 2018
  • "They were very commercial on complex deals, extracted the important parts, were very proactive and made sure that nothing slipped away." Clients also point out that "they have a nice house style: professional, friendly and courteous." Chambers Europe, 2017 
  •  "The lawyers took a personal interest in the work and the overall objective was always in their minds. There was a big team offering a lot of strength throughout." 
    "This firm had the size and skills to handle a particularly complex transaction, and the commitment to throw the necessary resources at the job." 
    Chambers Europe 2016
  • William Fry is an "excellent practice". Legal 500 EMEA 2016
  • "The team provides a good-quality service and gets the project done."  Chambers Europe 2015
  • William Fry provides ‘proactive service’ and ‘sensible advice that gets to the heart of the commercial issues’ through its ‘highly knowledgeable partners’. Legal 500 EMEA, 2015
  •  "The lawyers have real strength in managing and driving the process and can see the wood for the trees and negotiate the key clauses very hard."   "The team does the really complex work with both speed and efficiency." Chambers Europe 2014
  • "The team provides complete asset finance solutions in an effective and timely manner."  Chambers Europe, 2013
  • The banking team at William Fry continues to occupy a prominent place in the Irish market.' Chambers Europe 2012 
  • William Fry’s ten-partner group constitutes ‘a very experienced team’ of ‘good negotiators’ that ‘goes well beyond normal client service expectations’. Legal 500 EMEA, 2012 


  • Elaine Hanly
    • Elaine has a "very strong technical understanding, is solution-driven and will seek to be very commercial in assessing transactions." Chambers Europe 2019
    • Sources say she is "pragmatic, diligent and goal-oriented," adding: "She tries to work with clients to find solutions rather than throwing up problems for the client and is comfortable driving an aggressive timetable." Chambers Global 2018 
    • William Fry excels in real estate finance, where practice head Elaine Hanly is ‘an excellent and thorough banking lawyer’. Legal 500 EMEA 2017
    • Elaine Hanly receives praise for her pragmatic approach: "She manages to distill the advice from a technical legal point of view into a business suggestion." Chambers Global 2015 
    • Elaine Hanly’s team at William Fry provides ‘proactive service’. Legal 500 EMEA, 2015 
    • Elaine Hanly is a "a top lawyer, a great operator, with a fast turnaround. She works all day and night to get the job done". Chambers Europe 2014
  • David Maughan 
    • David is a widely respected figure in the market, particularly in relation to asset finance mandates including securitisations and structured finance deals. Interviewees attest that he "knows his stuff and is very approachable." Chambers Global 2019
    • David Maughan's practice revolves around the financing of aircraft and other assets. He also handles leases, joint ventures, refinancing and securitisations.  Sources see him as "a technically good lawyer." Chambers Global 2018
    • Clients say that David Maughan is "very approachable, responsive, easy to worth with, commercial and pragmatic." Chambers Global 2017
    • David takes an “excellent commercial approach”. IFLR 1000 2017
    • David is renowned for his experience of mandates in the aviation sector, as part of a wider structured finance practice. Sources say: "His advice is top-notch, and his communication is strong." Chambers Europe 2016 
    • David Maughan heads the aviation and asset finance division of the team. Sources comment that "he looks at the transaction as a whole and is therefore able to offer advice on a more general as well as Irish-specific level." Chambers Global, 2015 
    • David Maughan is ‘excellent on all counts’Legal 500 EMEA, 2015
    • David Maughan heads the aviation and asset finance group at the firm. He is widely recognised as an expert in aviation law. Chambers & Partners, 2014

Key Contacts

David Maughan Partner

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