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.  

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

Department

  •  William Fry's Banking department have been described by clients as "excellent to deal with. Their level of market knowledge is very high, and they are proactive at finding solutions to problems  and good at pushing the transaction to close." Other clients adds that they are "very knowledgeable and have the capability to manage large and complex transactions seamlessly," as well being "massively respected by the team on the other side of the transaction." The team is also known for being a "very well-resourced team, providing excellent turnaround times and always ensuring partner availability." Legal 500 2020
  • "Excellent and no weaknesses." says one interviewee IFLR 2020
  • 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

Team

Elaine Hanly

  • "Elaine Hanly has a long-standing presence in the market, advising borrowers on acquisition finance and refinancing. She also acts for lenders on project finance matters." Chambers Global 2020
  • "Ms Hanly's perspective and experience on banking issues is unmatched." IFLR 1000 2020 
  • 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

David Maughan

  • David has been ranked in both Chambers Europe 2020 and Chambers Global 2020. Clients especially highlight him for his "excellent technical skills and strong commercial understanding of the aviation sector." Another client said that David "provides hands-on, pragmatic and on-the-point advice."
  • According to Legal 500 2020, David is "extremely knowledgeable and always has a practical solution to problems encountered" and "provides excellent commercial advice."
  • 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 

Key Contacts

David Maughan Partner

Siobhan Carlin Partner

Jason Hollis Partner

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