February 12, 2008 / 2:11 PM / 11 years ago

Deloitte says named as Whistlejacket SIV receiver

LONDON, Feb 12 (Reuters) - Deloitte & Touche said on Tuesday it has been appointed as receiver for Standard Chartered’s (STAN.L) Whistlejacket structured investment vehicle (SIV).

Standard Chartered said on Monday that a plan to provide liquidity to Whistlejacket had fallen through after a drop in the value of the SIV’s assets had triggered a so-called enforcement event, requiring the appointment of a receiver.

SIVs raise short-term debt and invest the proceeds in longer-term securities, mainly bank debt and asset-backed securities. They have faced problems as the subprime crisis has led funding to dry up at the same time as the value of their assets has dropped sharply.

Reporting by Richard Barley

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