| The New Zealand Superannuation Fund is concerned its loss of US$150 million in the collapse of Portugal's Banco Espirito Santo has set a precedent endangering protections for holders of senior bank debt under Europe's new bank resolution laws.
The sovereign wealth fund with NZ$28 billion under management launched legal action last week to recover funds it lent to BES in July last year through a vehicle called Oak Finance. The deal was arranged by Goldman Sachs and protected by credit default swap insurance...............................................Full Article: Source
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