Bank of Ireland CDSs rise sharply
The cost of insuring against a default by the Bank of Ireland rose today, as the Swiss central bank stopped accepting the bonds of Irish banks as collateral
Bank of Ireland credit default swaps (CDSs) rose substantially from 15% upfront at 13:00 yesterday, to 20.5% at 13:00 today, according to information provider Markit. Other Irish financials did not move - Allied Irish CDSs remained at 21.5% upfront over the same period while default protection on Anglo Irish also stayed unchanged at 31% upfront.
This followed the news that the Swiss central bank would no longer accept bonds issued by the three Irish banks as collateral for its repurchase
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