Isda asked to rule on AIB failure-to-pay credit event

Isda’s determinations committee has today been asked to give a decision on whether Allied Irish Banks has triggered a failure to pay credit event on credit default swaps referencing the bank. The submission is listed on Isda’s website as a ‘general interest question’ and comes one week after the committee determined that AIB had triggered a restructuring credit event following its debt exchange.

According to Isda’s website, it was unanimously decided last week that a credit event auction should be held, with the date of the restructuring credit event given as 9 June. Decision on today’s failure-to-pay question remains pending.