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 on July 5 that one or more auctions may be held in respect of outstanding CDS transactions of varying maturity 'buckets'.
ISDA will publish further information regarding the potential auctions on its website, www.isda.org/credit, in due course.
