In the News Detail

2008   |   2007  

Derrick Tay talks to EuroWeek, a magazine reporting on global capital markets, about the current state of the ABCP market in Canada, noting the restructuring solution was a good one.

Excerpt

Most market participants support the plan despite its flaws.

"In my view the court of appeal came up with a very strong and well reasoned decision," says Tay. "And underlying it all is the recognition that if they kill this plan then basically everybody loses. I doubt that even if the Supreme Court hears the appeal they will undo the restructuring."

There are different opinions on what would happen if the appeal succeeded.

"I think it would be a lot worse," says Tay. "Market conditions have changed and it's a very fragile compromise that's been reached. Who knows what happens if you pull the legs out from under this deal?"

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