Isda announces that Irish Life & Permanent has triggered another credit event

The International Swaps and Derivatives Association had today announced that its credit derivatives determinations committe has determined that a restructuring credit event occured with regards to Irish Life & Permanent. 

The committee says that one or more auctions may be held in relation to outstanding CDS transactions of various maturyity buckets.

This credit event is the second within the last two months for IL&P, as it follows a seperate credit event which took place on 5 July 2011, and which was settled following auctions at the end of July.