For Immediate Release
ISDA EMEA Credit Derivatives Determinations Committee:
SNS Bank Restructuring Credit Event
LONDON, February 13, 2013 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved that a Restructuring Credit Event occurred, under Section 4.7 (a)(ii) of the ISDA 2003 Credit Derivatives Definitions, in respect of SNS Bank NV.
The EMEA Determinations Committee agreed to hold a separate meeting on February 14, 2013 to discuss whether one or more Auctions should potentially be held.
ISDA will publish further information on its website, www.isda.org/credit, in due course.
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