Tom Kyte (asktom.oracle.com) kindly posted me a reply
to my question on the above latch.  For anyone
interested, the description is below

Cheers
Connor

-- START QUOTE
Event Group Latch

Usage
This latch is used during the following operations : 
 An "alter system set events.." command. 
 During process startup where the process copies the
events stored in the 
 System event group to its Process event group. 


Event Groups

Events are considered to exist in either the process,
session or system group. 
The differences are outlined below : 

System Group 
The event tree is built in the SGA and is derived from
the settings of the 
instance parameter "event". It can also be modified by
using the command "alter 
system set events...". 

Process Group 
These are initialised at process startup time via the
instance parameter 
"event". When the process starts up we copy the event
tree that we have stored 
in the System Group. The event tree is built in the
PGA. 

Session Group 
These are events that are modified dynamically via the
"alter session" command. 
When we perform event checking we check the session
group events before those of 
the process group. The event tree is built in the UGA.

-- END QUOTE


=====
Connor McDonald
http://www.oracledba.co.uk (mirrored at 
http://www.oradba.freeserve.co.uk)

"Some days you're the pigeon, some days you're the statue"

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