Credit Event

Irish Life & Permanent plc – August Restructuring

On August 26, 2011 the EMEA Credit Derivatives Determinations Committee resolved that a Restructuring Credit Event occurred in respect of Irish Life & Permanent plc and resolved that one or more auctions may be held. This page contains details of the DC Resolutions, auction documentation and other items relating to the auction for Irish Life & Permanent plc.

Further documentation relating to the auctions will be added as it becomes available.

Event Publicly Available Information:

Auction Timeline:

Common Event Determination Date: Thursday, August 25, 2011
Auction Date: Wednesday, October 5, 2011
Auction Settlement Date: Wednesday, October 12, 2011

List of Participating Bidders: List of Participating Bidders
Deliverable Obligations: Final List of Deliverable Obligations

The Movement Option Cut-off Date was Monday 26 September 2011.

The Auction Date was Wednesday 5 October 2011.

Parties to a Credit Derivative Transaction referencing Irish Life and Permanent plc and specifying a subordinated obligation of the Reference Entity as the Reference Obligation can agree bilaterally to settle their transaction by reference to the Auction Final Price for Bucket 1 or Bucket 2 determined in accordance with the applicable 2011 Irish Life & Permanent plc Senior Credit Derivatives Auction Settlement Terms published by ISDA on 21 September 2011 (the IL&P II AST).

Auction Settlement Terms: Senior Auction Settlement Terms for Irish Life & Permanent plc
Related Press Release: ISDA Determinations Committee: Irish Life & Permanent plc Credit Event – August Restructuring