The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved that a Restructuring Credit Event occurred in respect of Irish Life & Permanent plc.
The Committee determined that one or more auctions may be held in respect of outstanding CDS transactions of varying maturity ‘buckets’.
This is a subsequent and separate credit event to that which the EMEA Credit Derivatives Determinations Committee resolved on July 5, 2011, and which was settled following auctions held on July 29, 2011.
ISDA will publish further information regarding the potential auctions on its website, www.isda.org/credit, in due course.
