New Zealand Superannuation Fund confirmed today that it had filed debt recovery proceedings in the English courts against Novo Banco.

The Oak Finance investors will also shortly be filing public law proceedings in Portugal against the Bank of Portugal, challenging the validity of the Bank’s decision purporting to retransfer the Oak Finance loan, with retroactive effect, from Novo Banco to Banco Espirito Santo.

Ends

Editors: please note that further comments will be limited due to legal proceedings.

Media contact:

Catherine Etheredge, Head of Communications, NZ Super Fund, [email protected], +64 274 777 501

Glen Cameron, European media contact, +44 7500 058 202, [email protected]