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Credit Event

Irish Life & Permanent plc

On July 5, 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:

http://www.irishlifepermanent.ie/investor-relations/regulatory-announcements.aspx

Auction Timeline: CDS Credit Event Timeline
List of Participating Bidders: List of Participating Bidders
Deliverable Obligations: Final List of Deliverable Obligations

The Exercise Cut-off Date for a Seller wishing to deliver a Credit Event Notice expired on Tuesday 19 July 2011. The Exercise Cut-off Date for a Buyer wishing to deliver a Credit Event Notice expired on Friday 22 July 2011.

The Movement Option Exercise Cut-Off Date is Thursday 28 July 2011.

The Auction Date is Friday 29 July 2011.

For information in relation to the Bank of Ireland Credit Event, see the Bank of Ireland webpage.
Maturity Buckets Auction / Movement Option information
Auction Settlement Terms: Senior Auction Settlement Terms for Irish Life & Permanent plc

Subordinated Auction Settlement Terms for Irish Life & Permanent plc

For the purposes of the 2011 Irish Life & Permanent plc Subordinated Credit Derivatives Auction Settlement Terms (the "Subordinated AST"), the Physical Settlement Period for Subordinated Obligations (as defined in the Subordinated AST) has been shortened as set out below and differs depending on whether the Subordinated Obligations constitute Non-Delayed Settlement Subordinated Obligations (i.e. ISIN XS0387718173) or Delayed Settlement Subordinated Obligations (i.e. those with ISINs (i) XS0133963024; (ii) XS0236617055; (iii) XS0373051209; and (iv) XS0373051894).
The Non-Delayed Settlement Subordinated Obligations did not have a call option inserted into their terms and conditions allowing Irish Life & Permanent plc to redeem those bonds at less than par. There is, therefore, concern that the Non-Delayed Settlement Subordinated Obligations may become subject to a subordinated liabilities order (potentially reducing the principal amount of these bonds) which could take effect prior to the physical settlement of any RAST. To avoid this happening, the Physical Settlement Period for the Non-Delayed Settlement Subordinated Obligation is:
(a) one Business Day following the Auction Date in relation to a Customer Buy RAST (N.B. if settlement is to occur on a T+1 basis, settlement instructions will need to be sent through the clearing systems on the Auction Date);
(b) two Business Days following the Auction Date in relation to an Auction RAST; and
(c) three Business Days following the Auction Date in relation to a Customer Sell RAST.
The Delayed Settlement Subordinated Obligations are subject to Irish Life & Permanent plc's liability management exercise. The expiration date of the tender offer for the Delayed Settlement Subordinated Obligations is 9 August 2011. Therefore, the Physical Settlement Period for the Delayed S ettlement Subordinated Obligations has been shortened so that the recipients of such bonds may participate in the tender offer. The Physical Settlement Period for the Delayed Settlement Subordinated Obligations is:
(a) two Business Days following the Auction Date in relation to a Customer Buy RAST;
(b) four Business Days following the Auction Date in relation to an Auction RAST; and
(c) six Business Days following the Auction Date in relation to a Customer Sell RAST.
In light of the short Physical Settlement Periods for Subordinated Obligations,
(i) the period during which a NOPS Amendment Notice specifying one or more Subordinated Obligations as Deliverable Obligations can be effectively delivered has been shortened to one Business Day following the Auction Date in relation to a Customer Buy RAST, two Business Days following the Auction Date in relation to an Auction RAST and three Business Days following the Auction Date in relation to a Customer Sell RAST; and
(ii) if Buyer fails to deliver Subordinated Obligations during the applicable Physical Settlement Period and Seller fails to buy-in the Subordinated Obligations on the Business Day after the relevant Physical Settlement Date, Buyer will be required to deliver a NOPS Amendment Notice specifying Deliverable Obligations which are not Subordinated Obligations.
Deriv/SERV Irish Life & Permanent plc triggered transactions data Irish Life & Permanent Triggered Transaction Data
Related Press Release:Determinations Committee: Irish Life & Permanent plc Restructuring Credit Event