Freshfields to the fore on Bank of England's £50bn cash injection
Freshfields Bruckhaus Deringer has underlined its close links with the Bank of England after taking lead advisory duties on the bank's £50bn liquidity support programme for the UK lending market. Freshfields is advising the longstanding client on its plan to swap secured Government bonds for premium mortgage debts held by commercial banks in a bid to ease the effects of the global credit crisis.
April 22, 2008 at 07:44 AM
2 minute read
Freshfields Bruckhaus Deringer has underlined its close links with the Bank of England after taking lead advisory duties on the bank's £50bn liquidity support programme for the UK lending market.
Freshfields is advising the longstanding client on its plan to swap secured Government bonds for premium mortgage debts held by commercial banks in a bid to ease the effects of the global credit crisis.
Financial services chief Michael Raffan is leading an eight-lawyer team for Freshfields that also includes banking partner Mark Kalderon and counsel Mac Mackenzie.
Last year Raffan led as Freshfields advised the Bank – the oldest client of the elite City firm – on its part in an earlier bailout effort alongside central lenders including the US Federal Reserve and the European Central Bank, also worth around £50bn.
Commenting on the latest deal, Raffan said: "This is very significant because it is a big injection of liquidity and the first of its kind worldwide. The essential scheme is to enable banks to get rid of mortgage-backed securities and the Bank of England to take the mortgage as collateral."
Meanwhile, magic circle rival Slaughter and May advised HM Treasury on the latest package, with corporate partner George Seligman leading a team that also included corporate partner Charles Randall and dispute resolution partner Elizabeth Barrett.
The Treasury is a regular client for Slaughters, which advised the department on the controversial nationalisation of troubled lender Northern Rock in February. Randall led the team for Slaughters on that instruction.
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