Central Bank of Ireland

permissions and/or authorisations, from the Irish Financial Services Regulatory Authority and/or Central Bank of Ireland (“CBI”) to enable it to sell, market, execute or be a party/counterparty to: (a) an Interest Rate Derivative Product (specifically an interest rate SWAP); and/or (b) enter an agreement under the 2006 ISDA Rules. In the event that the named regulated financial service provider had no such licences, and/or permissions and/or authorisations to undertake such business and undertook the sale of an Interest Rate Derivative Product during 2008 and/or made a precondition to a loan, you might please outline what breaches of legislation, regulation and/or CBI Codes of Conduct would have occurred. For the avoidance of doubt, it is understood that the named regulated financial service provider had the authorisation to sell and provide “vanilla” hedging products (i.e. Fixed rates), however the query specifically relates to Derivative products outlined at 6(a) above.