{"id":10394,"date":"2011-07-24T10:46:11","date_gmt":"2011-07-24T14:46:11","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=10394"},"modified":"2011-07-24T10:47:27","modified_gmt":"2011-07-24T14:47:27","slug":"bank-of-ireland-suffered-a-restructuring-credit-event","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2011\/07\/24\/bank-of-ireland-suffered-a-restructuring-credit-event\/","title":{"rendered":"Bank of Ireland &#8220;suffered a restructuring credit event&#8221;"},"content":{"rendered":"<p>I&#8217;m not fluent in banker . . . does this <a href=\"http:\/\/www.reuters.com\/article\/2011\/07\/22\/bankofireland-idUSWLB837520110722\" target=\"_blank\">Reuters report<\/a> really say that the Bank of Ireland is in default?<\/p>\n<blockquote>\n<p>The ISDA said a restructuring credit event occurred after Bank of Ireland closed an offer to buy back about 2.6 billion euros of Tier 1 and Tier 2 subordinated debt at a discount of up to 90 percent earlier this month.<\/p>\n<p>A credit event is financial industry jargon for default on payment, breach of bond covenants or other event that casts doubt on an issuer&#8217;s ability to service its debt.<\/p>\n<\/blockquote>\n<p>If it <em>does<\/em> mean the bank is in default, how come it hasn&#8217;t received much attention in the media? (Aside from the focus being on Norway right now for other reasons, of course.)<\/p>\n<p>H\/T to <a href=\"http:\/\/market-ticker.org\/akcs-www?singlepost=2633691\" target=\"_blank\">Karl Denninger<\/a> for the link.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I&#8217;m not fluent in banker . . . does this Reuters report really say that the Bank of Ireland is in default? The ISDA said a restructuring credit event occurred after Bank of Ireland closed an offer to buy back about 2.6 billion euros of Tier 1 and Tier 2 subordinated debt at a discount [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25,62],"tags":[436,71,33],"class_list":["post-10394","post","type-post","status-publish","format-standard","hentry","category-economics","category-europe","tag-banking","tag-debt","tag-ireland"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-2HE","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/10394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=10394"}],"version-history":[{"count":3,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/10394\/revisions"}],"predecessor-version":[{"id":10396,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/10394\/revisions\/10396"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=10394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=10394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=10394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}