The Bar of Ireland has welcomed the launch of an Irish law version of the International Swaps and Derivatives Association (ISDA) Master Agreement as a key endorsement of the Irish courts.

As of this week, users of the agreement can choose Irish law to govern their derivatives contracts and the Irish courts to determine related disputes.

To date, derivatives contracts have primarily been governed by the laws of England or New York State - but this could change after Brexit, which leaves Ireland as the only common law jurisdiction in the EU.

Paul McGarry SC, chairman of the Council of The Bar of Ireland, said: “In opting to publish an Irish law version of the Master Agreement, ISDA has recognised the well-established national and international reputation of the Irish courts system and the specialised advocacy and legal advisory services provided by the Irish legal profession.

“The importance of the ISDA master agreement to an effective economy cannot be overstated, and the expertise of Irish lawyers, including in the areas of financial services, intellectual property law, anti-money laundering, cross border legal disputes, company and tax law and competition and consumer law, are hugely valuable in assisting business to manage costs and to limit their exposure to risks.

“Members of the independent referral Bar of Ireland are highly skilled and their knowledge of different legal systems, coupled with an in-depth understanding of technical issues and diverse industries will guarantee the highest level of advocacy in dealing with disputes.”

Mr McGarry (pictured) added: “|This latest development is in keeping with the project for the promotion of Irish legal services in response to Brexit and we welcome the Government’s announcement of a formal launch of the initiative in September.”