On March 20, 2012 the EMEA Credit Derivatives Determinations Committee resolved that a Failure to Pay Credit Event occurred in respect of ERC Ireland Finance Limited and resolved that an auction will be held in respect of outstanding CDS transactions. This page contains details of the DC Resolutions, auction documentation and other items relating to the auction for ERC Ireland Finance Limited.
Further documentation relating to the auction will be added as it becomes available.
Event Publicly Available Information:
| Auction Timeline: | Common Event Determination Date: Friday, March 16, 2012 |
| List of Participating Bidders: | List of Participating Bidders |
| Deliverable Obligations: | Final List of Deliverable ObligationsSubmission of Potential Deliverable Obligations and Challenges (UPDATED March 22. 2012)The Auction Date is March 29, 2012.
In light of the expedited auction process in respect of ERC Ireland Finance Limited, the time period provided in Section 3.3 of the DC Rules for the publication of the Final List of Deliverable Obligations has been foreshortened by the EMEA DC. Please refer to the document above entitled Submission of Potential Deliverable Obligations and Challenges (UPDATED March 22, 2012) for further details as to the revised timings. |
| Auction Settlement Terms: | Auction Settlement Terms for ERC Ireland Finance Limited Blackline against the 2012 The Hellenic Republic Credit Derivatives Auction Settlement TermsFor the purposes of the 2012 ERC Ireland Finance Limited Credit Derivatives Auction Settlement Terms (the AST), the Physical Settlement Period for the sole Deliverable Obligation has been shortened as set out below.
The Physical Settlement Period for the Deliverable Obligation is: (a) four Business Days following the Auction Date in relation to a Customer Buy RAST; (b) seven Business Days following the Auction Date in relation to an Auction RAST; and (c) ten Business Days following the Auction Date in relation to a Customer Sell RAST. If Buyer fails to deliver the Deliverable Obligation during the applicable Physical Settlement Period, the standard fallbacks to Physical Settlement will apply (as amended pursuant to the definition of Representative Auction-Settled Transaction in the AST). |
| Related Press Release: | Determinations Committee: ERC Ireland Finance Limited Failure to Pay Credit Event |