Deloitte takes over Standard Chartered SIV
Bank drops its support for off-balance sheet vehicle, prompting receivership
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%.
FT reported that Deloitte are expected to be the receiver.