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 relation to ERC Ireland Finance Limited.
The Committee determined that an auction will be held in respect of outstanding CDS transactions.
ISDA will publish further information regarding the auction on its website, www.isda.org/credit, in due course. The auction will be administered by Markit and Creditex.
