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[[Governmental Intervention - Credit Derivatives Provision|This]] is designed to capture ad hoc | [[Governmental Intervention - Credit Derivatives Provision|This]] is designed to capture ad hoc bail-ins and [[BRRD]] action that may be taken to prop up or rescue regulated financial institutions which have fallen upon hard times. | ||
It has lain there harmlessly biding its time for almost a decade — it did get a hit out for Banco Popular in 2017, though the circumstances were fairly straightforward there, as all subordinated debt was written down — but it looks like it is going to be right in the crosshairs when the [[Credit Suisse]] [[AT1]] litigation kicks off later in 2023. The Credit Suisse AT1 write-down was confusing enough in itself: once you get to the Prior Deliverable Obligation terms — in play because the official list still listed a long-since matured CS subordinated bond which those responsible had omitted to update — well, we’re in [[legal eagle]] heaven. |