Downgrade for Avondale


Systemic problems in the Irish financial sector, rather than problems with the structure, are behind Moody's placing Bank of Ireland Life's (BoIL) Avondale ViF securitisation on review for downgrade below its current A1 senior level.

The EUR400 million deal was structured in the summer of 2006 (Life & Pensions, issue December, page 26) by Goldman Sachs to free-up Tier I regulatory capital for BoIL and were first downgraded from AAA, following the downgrade of bond insurer Ambac, which wrapped

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