CAM nationalisation avoids triggering CDS
The state takeover of Spanish savings bank Caja de Ahorros del Mediterráneo has not triggered CDS. The determinations committee of the International Swaps and Derivatives Association ruled on Monday that a bankruptcy credit event had not taken place at the Spanish lender.
Spains bank restructuring fund took over CAM in July, injecting 5.8bn in capital and liquidity and preparing to sell it on. The nationalisation followed CAMs split in March from three other savings banks with which it was going to merge.
If ISDAs determinations committee had ruled that a bankruptcy
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