Impact of Basel Committee reforms on subordinated debt Sample Clauses

Impact of Basel Committee reforms on subordinated debt. On 6 June 2012, the European Commission published a proposal for a directive providing for the establishment of an EU-wide framework for the recovery and resolution of credit institutions (the “draft RRD”).The stated aim of the draft RRD is to provide relevant authorities with common tools and powers to address banking crises pre- emptively in order to safeguard financial stability and to minimise taxpayers’ exposure to losses. The Draft RRD contains certain proposals in relation to early intervention and resolution of credit institutions as well as a debt write-down tool to be applied in certain circumstances. The debt write-down tool aims at maintaining a stressed bank as a going concern or sustaining a failing bank by granting the power to the regulators to write down debt of the bank (or to convert such debt into equity) so as to strengthen its capital basis (the so-called bail-in tool). The powers provided to “resolution authorities in the draft RRD include write down/conversion powers to ensure that eligible liabilities and capital instruments (including Tier 2 capital instruments such as the Notes) fully absorb losses at the point of non-viability of the issuing institution (herein further referred to as the “Bail-In Tool”). Accordingly, the draft RRD contemplates that resolution authorities may require the write down of such capital instruments in full on a permanent basis, or convert them in full into common equity tier 1 instruments (“draft RRD Non-Viability Loss Absorption), before any resolution action is taken (see below). The draft RRD provides, inter alia, that resolution authorities shall exercise the write down power in a way that results in (i) common equity tier 1 instruments being written down first in proportion to the relevant losses and (ii) thereafter, the principal amount of other capital instruments (including Tier 2 capital instruments such as the Notes) being reduced to zero on a permanent basis. Common Equity Tier 1 instruments may be issued to holders of other capital instruments that are written down. The point of non-viability under the draft RRD is the point at which the national authority determines if the institution meets the condition for resolution, defined as:
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Related to Impact of Basel Committee reforms on subordinated debt

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