Donal O'Donovan (Partner,
Dublin), Turlough Galvin (Partner
& Co-Head of the Finance and Capital Markets Department,
Dublin) and Alan Keating
(Partner, New York) at Matheson are often asked by clients
and non-Irish law firms about:
- whether Irish law account security is appropriate for
lenders to Irish investment funds with an Irish depositary which
has appointed sub-custodians who ultimately hold the fund assets in
accounts outside of Ireland; and
- in circumstances where Irish law account security is
appropriate, what security packages are available and customary in
Ireland in respect of depositary accounts held by Irish investment
funds.
They have set out a brief (and hopefully helpful)
summary of these issues below.
