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In June the new Banking Law of Cyprus was passed by the House of Representatives. Its main aim is to harmonize the island's legislation with that of the EU, to regulate the banking system and give protection to depositors.

Jean-Pierre Mattout, general counsel of Banque Paribas, Paris, talks to Samantha Wigham

Battery manufacturer Exide Europe has recapitalized its existing debt through a Ffr1.718 billion (US$287 million) syndicated loan, a US$175 million receivables securitization and a Dm175 million (US$99 million) high-yield bond. The proceeds will be used to pay down existing bank debt and to fund the acquisition of German battery manufacturer Deta. Bankers Trust acted as lead arranger, agent and security agent for the 33-member syndicate in connection with the French franc loan.

Consultation on the restructuring of the UK’s financial services regulatory system offers a golden opportunity for the industry to make sure parliament gets it right. By Tim Herrington and George Staple, Clifford Chance, London

US utilities group PacifiCorp is offering to buy all outstanding common shares of the UK's Energy Group for about US$5.8 billion. PacifiCorp will also assume US$3.8 billion of The Energy Group's debt. This is the largest transaction in the UK utility industry and is an example of the growing tendency among US utilities companies to invest in the deregulating UK market.

US firm Milbank, Tweed, Hadley & McCloy is restaffing its Russian office. The move follows its decision to withdraw its lawyers in October 1996 after David Slade left for Allen & Overy. Since then, all the firm's Russian work has been done out of its London and New York offices. The re-entry into Russia was announced with the appointment of Holly Nielson as managing partner of the Moscow office. Nielson is expected to head an initial team of three associates, two of whom will be Russian. Milbank hopes to double the number of lawyers within a year. The firm aims to offer specialization in capital markets, banking and project finance law.

In 1996, AT&T Corporation (AT&T) closed the sale of its equipment finance and leasing subsidiary, AT&T Capital Corporation (AT&T Capital), to management and Hercules Holding (Cayman) Limited, which is owned by a group of companies led by GRS Holding Company. The acquisition, which closed on October 1 1996, was followed , two weeks later, by the issue of approximately US$3.2 billion of equipment-lease-backed-notes ('the notes'), approximately US$1.2 billion of which was used to finance the acquisition.

A recent case in New South Wales seems to have resolved the doubts surrounding the creation of fixed charges over receivables raised by Royal Trust Bank. By John Stumbles and Scott Farrell of Mallesons Stephen Jaques, Sydney

In May 1997 the Czech financial markets were plunged into an unprecedented crisis when a wave of speculative selling triggered severe currency turbulence. The Czech National Bank spent millions of dollars propping up the Czech koruna against attacks by both foreign and domestic investors.

Netting in securities and currency trading