NEWS RELEASE
For Immediate Release
ISDA Determinations Committee: Allied Irish Banks, p.l.c. Failure to Pay Credit Event
LONDON, Tuesday, June 21, 2011 – 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.
For More Information, Please Contact:
Deirdre Leahy, ISDA New York, +1 212 901 6021, dleahy@isda.org
Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org
About ISDA
Since 1985, ISDA has worked to make the global over-the-counter (OTC) derivatives markets safer and more efficient. Today, ISDA is one of the world’s largest global financial trade associations, with over 800 member institutions from 56 countries on six continents. These members include a broad range of OTC derivatives market participants: global, international and regional banks, asset managers, energy and commodities firms, government and supranational entities, insurers and diversified financial institutions, corporations, law firms, exchanges, clearinghouses and other service providers. 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 and Derivatives Association, Inc.
Documents (1) for ISDA Determinations Committee: Allied Irish Banks, p.l.c. Failure to Pay Credit Event
Latest
Expanding Legal Agreement Coverage in the CDM
This paper examines the recent extension of the Common Domain Model (CDM)1 to represent two of the most significant, and previously undeveloped, areas of its legal agreement model: umbrella agreements and contract amendments. Umbrella agreements are widely used to document...
ISDA Omnibus Canadian Representation Letter
On September 2, ISDA published the Omnibus Canadian Representation Letter, which combines previously published representation letters drafted to assist firms in compliance with Canadian trade reporting, business conduct, regulatory margin and clearing classification rules. The Omnibus Canadian Letter is designed...
Joint Response on Cross-margining
On August 31, ISDA and FIA submitted a letter to the US Commodity Futures and Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) on the agencies’ joint request for comment on the implementation of portfolio margining and cross-margining...
Accounting for Carbon Credits: Latest Developments
This paper updates and extends the analysis set out in ISDA’s October 2023 paper on accounting for carbon credits. While preserving the original focus on the accounting treatment of voluntary carbon credits (VCCs) and compliance carbon credits (CCCs), it expands...