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A key contributing factor to the Additional Tier 1 market’s turbulent start to 2016 was a European Banking Authority (EBA) Opinion that would potentially tighten the rules on an issuer’s ability to pay AT1 coupons, ...

Commission review raises hopes after EBA bombshell

Regulation & ratings

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A proper understanding of the post-crisis supervisory process is an essential angle for assessing banks’ credit risk, argues Sam Theodore, group managing director, financial institutions, at Scope Ratings — even if the ...

The Road from Supervision to Resolution

Regulation & ratings

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Crédit Agricole CIB’s capital solutions team provides here an overview of the development of the global TLAC and EU MREL measures, exploring their differences and highlighting their potential impact on the Additional Tier ...

AT1 coupon cancellation risk: Consequences of MREL and TLAC breaches

Regulation & ratings

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FSB sets out G20 Istanbul agenda: The Financial Stability Board (FSB) published on 11 February its Letter to G20 Finance Ministers and Central Bank Governors on Financial Reforms. ...

Banking updates:

Regulation & ratings

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  ECB publishes “join-up” manual: The European Central Bank (ECB) on 8 August published a manual detailing how it will incorporate findings from its AQR (Asset Quality Review) into stress test projections, ...

Banking updates: Comprehensive Assessment moves ahead

Regulation & ratings

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EIOPA publishes update on Guidelines and Submission of Information to NCAs: On 18 August, the European Insurance & Occupational Pensions Authority (EIOPA) published updated information concerning the guidelines on ...

Insurance updates: ESAs Joint Committee, G-SIIs, PRA and more

Regulation & ratings

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The Dutch Ministry of Finance on 11 June published a proposal for new legislation in Article 29a of the Dutch corporate income tax act to open the market to AT1 bonds from banks. ...

Dutch progress in AT1 tax campaign

Regulation & ratings

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EC launches consultation on the contributions of credit institutions to resolution fund: On 20 June the European Commission launched a consultation on the contributions of credit institutions to resolution financing ...

Resolution mechanisms and funds in focus

Regulation & ratings

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Germany has been notable by its absence in the burgeoning market for Additional Tier 1. But a key obstacle has been removed thanks to a letter from the Federal Ministry of Finance. By Florian Lechner, partner, tax, ...

Germany: Ministry clears tax treatment of AT1 capital

Regulation & ratings