May be Held for Anglo Irish
The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved one or more auctions may be held to settle Relevant Transactions in respect of Anglo Irish Bank Corporation Limited following its resolution on December 23, 2010 that a Restructuring Credit Event occurred. This is a subsequent and separate credit event to that which the EMEA Credit Derivatives Determinations Committee resolved on November 23, 2010 and which was settled following Auctions held on December 9, 2010.
This “Potential Auctions Resolution” is made in accordance with Section 3.2(a)(ii) of the DC Rules. The EMEA Determination Committee will only confirm whether Auction Settlement Terms will in fact be published and if so for which group(s) of Relevant Transactions, after the Buyer Exercise Cut-Off Date once it knows the volume of outstanding trades that have be triggered in the DTCC Warehouse.
The Anglo Irish Restructuring credit event will be settled under the terms of the CDS Definitions as supplemented via the ‘Small Bang Protocol’ in July 2009 to permit auction settlement following a Restructuring Credit Event.
ISDA will publish the initial list of deliverable obligations for each maturity bucket on its website, www.isda.org/credit, in due course.
