Allied Irish Bank has 'defaulted' says derivatives body
Banks that sold insurance on the debt of Allied Irish Banks will have to pay out to investors in the nationalised lender's debt despite complex legal manoeuvres by the Irish authorities to avoid putting the lender into default.
The International Swaps and Derivatives Association (ISDA) yesterday said that a "credit event" had occurred on Allied debt, meaning the bank has effectively defaulted on its debt, a situation the Irish government has gone to extreme lengths to avoid.
Allied Irish Bank has 'defaulted' says derivatives body - Telegraph
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Ho capito che questa decisione dell'ISDA fa scattere i CDS, per cui chi si è assicurato con un CDS riceverà l'indennizzo.
Ma per la società e i bondholders (non assicurati) ha qualche effetto?
Ringrazio anticipatamente per l'aiuto!
Nel frattempo ho trovato questo, ma non mi aiuta più di tanto.
Q&A: When is a default actually a default? - Telegraph