London, Tuesday, January 4, 2011 – 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.
About ISDA
ISDA, which represents participants in the privately negotiated derivatives industry, is among the world’s largest global financial trade associations as measured by number of member firms. ISDA was chartered in 1985, and today has over 830 member institutions from 59 countries on six continents. These members include most of the world’s major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Information about ISDA and its activities is available on the Association’s web site: www.isda.org.
ISDA is a registered trademark of the International Swaps & Derivatives Association, Inc.
Documents (1) for ISDA Determinations Committee Resolves One or More Auctions May be Held for Anglo Irish
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