Funds of the Banco Central de la Republica Argentina held at the Federal Reserve Bank of New York are immune from attachment and execution under the Foreign Sovereign Immunities Act, the U.S. Court of Appeals for the Second Circuit ruled yesterday.

Addressing issues of first impression, the circuit held that Argentine central bank property “held for its own account” cannot be attached because of foreign state immunity under 28 U.S.C. §1611(b)(1).