Zur Einschätzung des Bankenverbandes der angeblich für uns die CACe verhandelt hat - von uns privaten Bondholdern war keiner beteiligt - // This legitimacy was confirmed ex post by the high degree of creditor participation in the debt exchange, including the acceptance of the retroactive CACs. Greece has agreed to reimburse the legal fees incurred by the Steering Committee.

(c) Creditor Committee Policies and Practices
Assessment
The representation of the private creditor community in the Greek debt restructuring negotiations was somewhat novel and took two distinct forms, reflecting the evolving thinking and views of the official sector on the desirability and depth of any debt restructuring for Greece. Initially, in June 2011, the IIF was invited by the Eurogroup Working Group to engage in a dialogue on the options for securing private creditor involvement, given the IIF’s close involvement in the development and the monitoring of observance of the guidelines underlying the Principles. To aid this process, the IIF formed for this purpose a Task Force for Greece comprising IIF members and other holders of Greek bonds, after getting authorization from its Board of Directors (representing large financial institutions holding a large share of outstanding GGBs).1 However, after October 2011, private creditors organized themselves in a broadly based creditor committee (PCIC), represented in the negotiations by a smaller Steering Committee, which reflected the diverse membership of the PCIC and facilitated the effective completion of the negotiations. The Steering Committee and the

broader PCIC represented all principal groups of Greek government debt holders, including all major Greek banks, and a large share of the outstanding GGBs and loans covered by the debt exchange. As is common practice in sovereign and corporate debt restructurings, besides their broad representation, the Steering Committee and the PCIC derived their legitimacy and credibility through their actions and positions, which were aimed at advancing the interest of all private creditors, while also promoting financial stability. This legitimacy was confirmed ex post by the high degree of creditor participation in the debt exchange, including the acceptance of the retroactive CACs. Greece has agreed to reimburse the legal fees incurred by the Steering Committee.
Generally, private sector creditors should strive to form a single Creditor Committee and a coherent Steering Committee as early as possible, and to provide the Steering Committee with adequate financial and analytical resources to conduct negotiations with the sovereign borrower, in consultations with official bilateral creditors—negotiations that could be protracted.

aus:


Report of the Joint Committee
on Strengthening the Framework for
Sovereign Debt Crisis Prevention and Resolution  s 13

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14 Oct 2012 – CONTENTS. Report of the Joint Committee on Strengthening the Framework for. Sovereign Debt Crisis Prevention and Resolution. 3. Annex I ...