Bank drops its support for off-balance sheet vehicle, prompting receivership
Accountancy Age, 12 Feb 2008
Standard Chartered has dropped its support for an off-balance sheet investment vehicle, putting the SIV into the hands of receivers Deloitte.
The bank had pledged to support the SIV, Whistlejacket, and bring it on balance sheet, but said yesterday that its offer of liquidity only stood where the asset values were higher than the threshold value of 95%.
The FT reported that Deloitte are expected to be the receiver.
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