Erste Capital Finance Jersey PCC - July 2006

Ben Robins and Martin Eccles advised in relation to the incorporation of Erste Capital Finance (Jersey) PCC (a Jersey protected cell company) and the creation of its initial cell, Erste Capital Finance (Jersey) Tier 1 PC, which has established a €1,000,000,000 Perpetual Subordinated Debt Issuance Programme for the purposes of raising Tier 1 capital for Erste Bank. The Programme is novel in that it is structured to allow new cells to be created to accede as additional issuers, issuing debt backed by alternative funding sources. The Programme is arranged by BNP Paribas and the joint dealers are PNB Paribas and Erste Bank. Linklaters advised the dealers as to English law, Wolf Theiss Rechstanwalte GmbH advised Erste Bank as to Austrian law and Schonherr Rechstanwalte GmbH advised the dealers as to Austrian law.