Standard Chartered was set to finalize the $7.2 billion liquidity injection to its troubled SIV called Whistlejacket. However, deeper losses in the underlying collateral have reversed the SIV's good fate.

Earlier this year, Standard Chartered said that it would provide the additional liquidity under a proposed restructuring of Whistlejacket subject to certain preconditions, which included that the SIV not be in receivership. BNY Corporate Trustee Services, the troubled SIV's security trustee, put the vehicle into receivership after it breached a capital note net asset value of 50%, which set off an automatic enforcement event.

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