ISDA®
ISDA - INTERNATIONAL SWAPS
NEWS RELEASE
For Immediate Release, Tuesday,
January 4, 2011
For More Information, Please
Contact:
Cesaltine Gregorio, ISDA New York, +1 212-901-6019, cgregorio@isda.org
Deirdre Leahy, ISDA New York, +1 212-901-6021, dleahy@isda.org
Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org
ISDA
Determinations Committee Resolves One or More Auctions
May be Held for Anglo Irish
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.
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International Swaps & Derivatives Association, Inc.