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Article 17 of the Decree on the Protection of the Value of the Turkish Currency was amended on July 26 2001 to facilitate the procurement of loans from foreign financial agencies. Before the amendment, foreign loans with an average maturity of 365 days had to register with the External Debt Log maintained at the Turkish Treasury within 30 days following the execution of the loan agreement. Previously, the borrower applied in person to the Treasury with a petition, accompanied by a copy of the loan agreement, to register their foreign loan.

The most recent developments at SAir Group and Switzerland's flag carrier SAirLines (Swissair) merit a short outline of the formal proceedings regarding moratorium and composition agreement under Swiss Debt Collection and Insolvency Law. The following three steps are to be distinguished:

On October 3 2001 Standard & Poor's raised the Republic of Ireland's long term sovereign credit rating from AA+ to AAA. Ireland is now one of only six EU countries to have a AAA rating, the others being Austria, France, Germany, Luxembourg and The Netherlands. Although, in comparison with other EU countries, Ireland has a small economy, the diversity and stability of the economy is reflected in this new rating.

In line with other European and US markets, the Finnish capital markets have experienced a fairly rapid slow-down during the past year. Heavily dependent on the technology and telecommunications sectors, the aggregate market capitalization of companies listed on the Helsinki Exchanges has decreased significantly, with the main index of the Helsinki Exchanges dropping some 4,400 points from around 11,200 points to 6,800 points during a period of 12 months. Just a couple of months earlier, the HEX index had reached an all-time high on May 18 2000 at 18,331 points.

Coudert Brothers LLP 7 Ul Gasheka

Russia has been riding a wave of economic progress as a new government, rising oil prices and legal reforms lead the way. But, as Thomas Williams reports from Moscow, there’s plenty to be done before everyone feels comfortable

Last month commissioner Laura Unger announced plans to step down from the SEC. Her departure will leave a massive gap in an already under-staffed Commission, and not just in terms of numbers. Tom Nicholson meets the woman who led the SEC for most of a crucial year in its history, and discusses how she has fought Regulation FD, tried to narrow the digital divide and championed human rights through financial regulation

Davis Polk puts JP Morgan loan in the picture

Hunton & Williams is to advise the Philippine authorities on the long-awaited privatization of the country's electricity industry.

Clifford Chance is advising the borrowers on the largest water project in the world. Stephen Harder, a project finance partner in the firm's Hong Kong office, is leading a team of lawyers in China and Hong Kong advising Anglian Water and Mitsubishi on a $200 million project financing to design, build and operate the largest water project in the global water market. The Beijing No 10 water treatment plant will supply drinking water to one in five residents of the Chinese capital.