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IL&P sweep-up triggers second credit event

Irish Life & Permanent triggered a second credit event last week after it called the principal outstanding on a €200m bond at 0.001% of par. A determinations committee at the International Swaps and Derivatives Association voted unanimously on August 26 that a restructuring credit event had taken place at IL&P. That means CDS will now pay out, at a level to be determined at auction.

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