The last few weeks have proven to be a tumultuous period for the capital markets, and with it a stark (and painful) reminder has been duly delivered on the impact that they have on all aspects of business and the wider economy. Securitisation has also shown that it is not immune to this turmoil demonstrated … Continue Reading
They say that the early bird catches the worm and it seems that courts in the US definitely agree. A recent decision by a court of appeals in Philadelphia could serve as a wakeup call for any noteholders or issuers and servicers that might have claims to bring in relation to, respectively, the disclosure of … Continue Reading
So Eurosail-UK 2007-3BL plc (Eurosail) is not ‘balance sheet’ insolvent, no event of default has occurred under the RMBS notes it has issued and a post-enforcement call option (PECO) does not make limited recourse any of the notes it relates to. Those are the conclusions of the Supreme Court (see here) after it substantially re-affirmed … Continue Reading
Those issuers, corporate services providers, collateral managers, servicers and special servicers that regularly submit debt announcements on the Irish Stock Exchange will know how straightforward and quick it is to submit. For those that don’t, at present this process involves simply sending a copy of the notice or announcement to the email address announcements@ise.ie and the … Continue Reading
The Basel Committee on Banking Supervision announced yesterday that it had finalised the rules for the Liquidity Coverage Ratio or LCR i.e. the main mechanic for regulating liquidity in the Basel III package of reforms. The LCR requires that a bank hold a sufficient stock of “High Quality Liquid Assets” to meet its net cash outflows … Continue Reading
I was encouraged to see Virgin Money announce its second securitisation of the year, Gosforth 2012-2, particularly so as Virgin Money is also one of the 30 or so banks that have now signed up to the Bank of England’s Funding for Lending Scheme. The Funding for Lending Scheme (FLS) was introduced by the Bank … Continue Reading
