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Decision of Bank of England to recognise bail-in of four loans totaling $595 mln now unassailable
KYIV. Aug 30 (Interfax-Ukraine) – The decision of the Bank of England to recognise the bail-in by the National Bank of Ukraine in December 2016 of four loans totaling $595 million which were made by UK SPV Credit Finance plc to PrivatBank is now final and unassailable, as the three month period to challenge it before the English Court has passed.
"Under English law, any parties affected by that decision had a period of three months from the date of the decision in which to seek to challenge it before the English Court by way of a process known as judicial review. That three month period has now passed without any claim for judicial review being filed with the English Court," the press service of PrivatBank said on Monday.
As reported, in the middle of May 2021, the Bank of England recognised the bail-in by the National Bank of Ukraine in December 2016 of four loans totaling $595 million which were made by UK SPV Credit Finance plc to PrivatBank.
"Recognition does not amount to an endorsement of the underlying action and is not intended to affect any legal challenge in respect of that action brought in the home jurisdiction under Ukrainian law," the court said.
