The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved that a Failure to Pay credit event occurred in respect of Allied Irish Banks, p.l.c. The Committee also voted to hold senior and subordinated auctions for Allied Irish Banks in respect of the Failure to Pay credit event.
This announcement follows the June 13 determination that a Restructuring credit event occurred in respect of Allied Irish Banks and that an auction may be held. The Restructuring Auction resolution had been made by the Committee on the understanding that if a Failure to Pay credit event occurred prior to the date of the auction for the Restructuring credit event, the auction may be held on the basis of the Failure to Pay credit event, rather than the Restructuring credit event. As such, the Committee also voted today that there will not be an auction held on the basis of the Restructuring credit event.
ISDA will publish further information regarding the auction terms on its website, www.isda.org/credit, in due course.
