Dexia Crediop SpA v Provincia di Pesaro e Urbino

Dexia Crediop SpA v Provincia di Pesaro e Urbino

The swap transactions are governed by English law, not displaced by Italian mandatory rules due to the international nature of the ISDA documentation; the transactions complied with relevant Italian laws except for a disputed aspect of Decree 389 article 3(2)(d), and Pesaro had capacity and authority. Summary judgment is granted for most declarations as there is no real prospect of successful defence and declaratory relief is utile given the ongoing Italian proceedings.

Parties
Claimant: Dexia Crediop SPA; Defendant: Provincia di Pesaro e Urbino
Jurisdiction
England and Wales
Judgment Date
27 September 2022
Procedural Posture
Commercial Claim for Declaratory Relief / Summary Judgment Application
Outcome
Summary judgment granted in part.
Legal Topics
Interest Rate Swaps, Choice of Law, Capacity of Public Authorities, Declaratory Relief, Summary Judgment, Mandatory Rules, Derivative Transactions
Contract Law Conflict of Laws Banking and Finance Interest Rate Swaps Choice of Law Capacity of Public Authorities Declaratory Relief Summary Judgment +2 more

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Parties

Dexia Crediop SPA

Claimant

Provincia di Pesaro e Urbino

Defendant

Procedural Posture

Commercial Claim for Declaratory Relief / Summary Judgment Application

Legal Issues

  1. 1 What is the governing law of the swap transactions?
  2. 2 Did the transactions comply with Italian law?
  3. 3 Are the transactions valid and binding on the parties?

Ratio Decidendi

The swap transactions are governed by English law, not displaced by Italian mandatory rules due to the international nature of the ISDA documentation; the transactions complied with relevant Italian laws except for a disputed aspect of Decree 389 article 3(2)(d), and Pesaro had capacity and authority. Summary judgment is granted for most declarations as there is no real prospect of successful defence and declaratory relief is utile given the ongoing Italian proceedings.

Court Disposition

Summary judgment granted in part.

Orders

  • Permission to amend Claim Form granted.
  • Summary judgment granted for Declarations 1, 3, 4, 5, 6 (limited), 7 (except article 3(2)(d) of Decree 389 and related Circular), 8, 9, 11, 12, 13-16 (limited to representations made).