IL&P credit event confirmed

Dublin: The International Swaps and Derivatives Association said yesterday a restructuring credit event occurred at Irish Life & Permanent Group two days previously.

IL&P, effectively nationalised last month following a €2.7 billion state injection, announced the results of a tender offer regarding some of its junior debt on Wednesday.

A credit event is jargon for default on payment, breach of bond covenants or other event that casts doubt on an issuer’s ability to service its debt.