Debate Magazine

"Adverse Interest Rate Movements"???

Posted on the 25 April 2014 by Markwadsworth @Mark_Wadsworth

From the BBC:
London's Gherkin skyscraper has been placed into receivership by its creditors after one of its owners was placed in insolvency.
Germany's IVG Immobilien, which co-owns the 40-storey Gherkin with private equity firm Evans Randall, filed for insolvency last year...
"Adverse interest rate and currency movements" added to the building's debt burden, said Deloitte, which led to defaults on the debts dating back to 2009.
The skyscraper, designed by Foster and Partners, was built by reinsurer Swiss Re in 2004 and was sold to IVG and Evans Randall in 2007 for £600m.

Very strange.
Haven't interest rates been drifting steadily downwards for the last forty years or so?

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