COVID-19: Banking & Financial Services
31 July 2020
COVID-19 is disrupting the global financial system and the economy, impacting banks, non-traditional lenders, investment funds and lessors. Asset finance and aircraft leasing are facing unprecedented challenges, as global aviation comes to a standstill.
We are advising institutions and other bodies on the practical steps they can take in order to emerge stronger than ever from this crisis. Read our related insights below or contact a member of our Financial Services or Aviation & International Asset Finance teams for expert advice and guidance.
Investment Funds Spring Update
We will host our Investment Funds Spring Update on Tuesday 23 March at 11am. At this webinar, our speakers will review some of the recent key developments that have taken place in the Investment Funds.
Financial Services Spring Briefing
We will host our Financial Services Spring Briefing on Thursday 25 March at 11am. Our keynote speaker, Seamus Coffey, former Chair of the Irish Fiscal Advisory Council and Lecturer of Economics in UCC, will give his views on the economic outlook for 2021.
Ireland - Gateway to the EU with Minister for Finance, Paschal Donohoe TD
In advance of St Patrick's Day 2021, we will host a special webinar on Wednesday 10 March at 4.00pm Irish Time (11am EST/8am PST) looking at the opportunities for organisations looking to build operations in European jurisdictions such as Ireland. Our keynote speaker at the webinar will be Ireland's Minister for Finance, Paschal Donohoe TD, who is also the President of the Eurogroup of Finance Ministers, which gives him a unique perspective on Europe.
Investment Limited Partnerships - Ireland as Domicile of Choice
We hosted an Investment Funds webinar on Wednesday 3 March, looking at the new Investment Limited Partnership (ILP) legislation and how it has the scope to make Ireland the domicile of choice for the establishment of private funds such as private equity, real estate infrastructure and sustainable investment funds.
MHC Financial Services Insight Series with Martin Wolf C.B.E.
On Wednesday 2 December, we hosted our annual Financial Services Insight Series. Our Guest Speaker is – Martin Wolf C.B.E, chief economics commentator at the Financial Times, London.
Built Environment & Property Development Finance in Light of COVID-19
We hosted a webinar on Thursday, 30 April discussing Built Environment & Property Development Finance in Light of COVID-19. discussing Built Environment & Property Development Finance in Light of COVID-19.
Fund Management Companies Required to Assess and Improve Liquidity Procedures
The Central Bank of Ireland (the Central Bank) recently issued a letter to Fund Management Companies (FMCs) that were surveyed as part of a European Securities and Markets Authority (ESMA) co-ordinated exercise.
Sustainable Finance – A Frameworks Overview
The green economy is growing rapidly and environmental, social and governance (ESG) considerations are now top of the agenda across multiple sectors.
Export Credit Agencies Supported Financing – An Important Role to Play in Aviation Sector Recovery?
We explore whether, like post-2008, the role of the ECAs can once again come to the fore in providing financial support to the aviation industry and assistance to manufacturers, aircraft leasing companies and airlines.
Ireland’s Financial Services Sector - Challenge and Opportunity in 2021
We review three key developments during the last year that had a considerable bearing on the operations and businesses of our clients in the Financial Services sector.
Insurance & Risk Update: High Court Rules Against Insurer in Business Interruption Cases
The High Court has delivered its highly anticipated decision in cases taken by four publicans challenging FBD’s declinature of business interruption claims arising from the closure of their businesses as a result of the COVID-19 pandemic.
UK Policy Holders Rejoice - English Supreme Court Favours FCA in COVID-19 Business Interruption Judgment
The English Supreme Court has handed down judgment in appeals taken by the UK Financial Conduct Authority (FCA), and a number of insurers against last year’s decision of the English High Court in a case concerning the interpretation of various business interruption clauses.
EU to Become Europe’s Largest Supranational Bond Issuer – Capital Markets History in the Making?
The EU is set to become the largest supranational bond issuer in Europe to fund its €100 billion instrument for temporary Support to mitigate Unemployment Risks in an Emergency (SURE) and €750 billion Next Generation EU (NGEU) recovery fund.
Financial Services Update: The European Commission’s Strategy for Post COVID-19 NPLs
The European Commission published a communication on 16 December 2020 outlining their EU-wide strategy to address the anticipated rise in NPLs post COVID-19.
A Victory for Business Interruption Policyholders: Landmark UK Test Case Judgment Handed Down
Judgment has been handed down in the test case brought before the High Court in England by the UK Financial Conduct Authority (“the FCA”) on behalf of business interruption policyholders of eight insurers.
Insurance & Risk Update: What Can We Expect in the Final Court Term of 2020?
The last few months have presented unprecedented challenges for the courts system arising from the COVID-19 pandemic and the resultant restrictions.
Pragmatic Legislation to Facilitate Insolvency Processes During COVID-19
The Irish parliament has passed temporary legislation to facilitate insolvency processes which will hopefully enable the survival of more businesses during the COVID-19 crisis.
Ireland's Examinership Landscape: An Investor's Perspective
Examinerships present clear prospects for distressed debt investors seeking opportunities arising from the coronavirus fallout. Investing in a company in examinership has its challenges, but these are far from insurmountable. In this article, we look at the strategies and obstacles investors should be cognisant of.
LIBOR Loan Market Transition Amid COVID-19
Globally, authorities are continuing to prepare for the discontinuation of Interbank Offered Rates after the end of 2021, even though some steps have been delayed by COVID-19. Following a new announcement this week by the UK Treasury, we examine the background, the process so far and the potential next steps.
Insurance & Risk Update | The Irish Courts – ‘Normal’ Service to Resume, But Not As We Know It?
We provide an update on the steps being taken by the Courts Service to get back to business following the COVID-19 shut down.
Capital Markets – Shaping an Appropriate Response to COVID-19
Debt instruments have been front and centre in the current COVID-19 pandemic. This has been evident both in terms of the impact of the virus on capital markets activity and in the deployment of bonds issuances by national and supranational entities in response to the economic challenge. We examine some key features of capital markets activity in the wake of COVID-19.
Banking & Financial Services | Impact of COVID-19 on the Irish Banking Sector
A number of recent announcements related to COVID-19 from the Central Bank of Ireland and a number of other regulatory authorities deal with a wide range of issues. These include payment services, LIBOR transition and accounting implications of the pandemic under IFRS 9. We take a quick look at a selection of these.
Crime and COVID-19 – Cautionary Tales for Financial Crime Teams
Since the onset of COVID-19, we have seen a sharp rise in cyber financial crime. With businesses the world over largely being operated remotely, organisations are relying on new and sometimes untested technology. We discuss the risks to your business and the legal avenues available to those who fall victim to financial crime.
The UK’s SMCR and COVID-19 – The Future for Irish Senior Executives?
The UK regulatory authorities published their expectations for senior managers under the Senior Management Certification Regime. In anticipation of the introduction of Ireland's Senior Executive Accountability Regime, we look at some of the measures introduced in the UK in response to COVID-19 to give senior executives in Ireland an insight into future regulatory approaches.
COVID-19 and Fintech – Will COVID-19 Lead to a Digital Revolution?
Extensive lockdowns and social distancing measures are leading to dramatic operational changes for financial services firms. We examine the shift toward digital financial products and the impact of Covid-19 on Fintech companies.
Aviation & Asset Finance | Impact of COVID-19 on Ireland’s Aviation Community
As COVID-19 restrictions begin to ease, we take a brief look at the impact of the crisis on key participants within the aviation industry.
COVID-19 Tax Update| Corporation Tax Residence, Income Tax and More
COVID-19 presents challenges to many taxpayers who are trying to comply with their tax obligations in spite of serious disruption to their business. Recent guidance from the Irish Revenue Commissioners shows an appreciation for the difficulties faced by many businesses. We highlight below some of the helpful measures in this guidance designed to assist businesses, including Irish and international companies doing business in Ireland. In addition, we provide a brief overview of the temporary wage subsidy scheme which is being administered by the Irish Revenue.
Banking & Financial Services | Irish COVID-19 Credit Guarantee Scheme: What You Need to Know
The recently announced Irish COVID-19 Credit Guarantee Scheme is another step taken by the Government to support businesses through the current crisis. We highlight what you need to know about the scheme and identify where further clarity is required from the Government.
Banking & Financial Services | COVID-19: Can We Force Majeure Our Way Out of It?
Since the onset of the COVID-19 pandemic, the concept of force majeure has been in the spotlight as a potential relief under contractual arrangements. In circumstances where force majeure is not a viable course of action, we examine the alternative contractual protections under market standard financing arrangements.
Banking & Financial Services | How Will Irish Banks Deal With the Increase in Non-Performing Loans Post COVID-19?
The COVID-19 pandemic is likely to result in an increase in non-performing loans. We consider the options available for banks to deal with these problematic loans.
Financial Regulation | The Regulatory Implications of COVID-19 for Insurance and Reinsurance Providers
The European Insurance and Occupational Pensions (EIOPA) and the Central Bank of Ireland (Central Bank) have both noted the progressively difficult conditions facing (re)insurers in the immediate future. The challenges go beyond organisational issues concerning the protections of employees and customers and extend into the more complex areas of navigating volatile and challenging market conditions.
Financial Regulation | COVID-19 and Regulatory Measures
“The spread of Covid-19 is a major shock to the economy in Ireland, the euro area and globally”, according to Governor of the Central Bank, Gabriel Makhlouf. We examine the measures being introduced at a national and European level to maintain financial stability and to soften the blow of the pandemic on the economy.
Aviation | Impact of COVID-19 on the Aviation Industry
As the economic, geopolitical and health consequences that COVID-19 presents continue to evolve, we outline some recent reports from the aviation authorities and industry bodies on the proposed measures to mitigate the impact of COVID-19.