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Credit Default Swaps

House of Lords written question – answered on 14th December 2011.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government whether they will consider treating credit default swaps as insurance contracts and establishing appropriate requirements for capital backing and enforceability.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

There is, at present, no reason to reassess the view that credit default swaps do not fall within the definition of an insurance contract.

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