In the fall of 2010, a few weeks after the Deauville statement that suggested that private sector investors could experience losses on their holdings of sovereign debt, confidence in the Irish sovereign collapsed.1 This forced the Irish Government to seek external financial assistance from the ECB, the European Commission and the IMF, the “Troika”.
Currently, the MMS is working on a review of the South African Benchmark Overnight Rate on deposits (SABOR) and will report back to the FMLG its findings and recommendations. This work will feed into another project being undertaken by the Fixed Income & Derivatives subcommittee of the FMLG, namely, the development of the South African Overnight Index Swap1 (rand OIS).