Standard Chartered SIV forced into receivership

Whistlejacket has become the first UK SIV to go into receivership following the “enforcement event” capital breach. Standard Chartered pledged over $7bn to the ailing vehicle on 31 January, but the deal has lapsed as a result of the breach. A large percentage of Whistlejacket’s assets are in US and European bank debt, an area pounded by the recent sub-prime crisis. Standard Chartered says 2008 earnings and capital resources are not expected to be materially impacted by the enforcement event or any future arrangements. “We continue to have confidence in the quality of Whistlejacket’s...