International Litigation

In NML Capital, Ltd. v. Banco Central de ¿a República Argentina, the Second Circuit ruled that funds held by the Republic of Argentina's central bank at the Federal Reserve Bank of New York were immune from restraint by Argentina's judgment creditors.5 The court rejected the creditors' argument that immunity should depend on the degree of the central bank's independence from its government, finding the argument unsupported by the text and noting that at the time of the FSIA's enactment, Congress "had no reason to believe that foreign central banks and monetary authorities would be independent of their parent states because, at that time, most were not.